USD/JPY: Elliott wave analysis and forecast for 07/08/2020 – 14/08/2020

USD/JPY remains likely to grow. Estimated pivot point is at a level of 104.17.

Main scenario: consider long positions from corrections above the level of 104.17 with a target of 107.50 – 108.13.  

Alternative scenario: breakout and consolidation below the level of 104.17 will allow the pair to continue declining to the levels of 103.50 – 102.50.

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