USD/JPY: Elliott wave analysis and forecast for 17/04/2020 – 24/04/2020

USD/JPY remains likely to fall. Estimated pivot point is at a level of 111.67.

Main scenario: Consider short positions from corrections below the level of 111.67 with a target of 101.08 – 94.58.

Alternative scenario: breakout and consolidation above the level of 111.67 will allow the pair to continue rising to the levels of 114.53 – 118.70.

Analysis: On the daily time frame, supposedly, a big horizontal correction finished forming as a triangle-shaped wave (В) of B. On the H4 time frame, wave (С) of B started developing, with the first wave  i of 1 of (C) formed  and a…<br /><p>Read full author’s opinion and review in blog of #LiteForex</p>