USD/JPY: Elliott wave analysis and forecast for 10.07.2020 – 17.07.2020

USD/JPY pair is in correction, remains likely to decline. Estimated pivot point is at the level of 107.81.

Main scenario: consider short positions from corrections below the level of 107.81 with the target in 106.00 – 105.21.

Alternative scenario: breakout and consolidation above the level of 107.81 will allow the pair to continue rising to the levels of 108.60 – 109.84.

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