USD/JPY: Elliott wave analysis and forecast for 12/06/2020 – 19/06/2020

USD/JPY remains likely to fall. Estimated pivot point is at a level of 108.19.

Main scenario: consider short positions from corrections below the level of 108.19 with a target of 105.21 – 104.50.

Alternative scenario: breakout and consolidation above the level of 108.19 will allow the pair to continue rising to the levels of 109.84 – 110.75.

Analysis: On the daily time frame, apparently a descending correction of larger degree finished forming as wave B and wave С started developing. On the H4 time frame, the first wave 1 of (1) of C formed and a local correction continues forming…<br /><p>Read full author’s opinion and review in blog of #LiteForex</p>