USD/JPY: Elliott wave analysis and forecast for 20/03/2020 – 27/03/2020

The pair USD/JPY is still likely to fall. Estimated pivot point is at a level of 112.24.

Main scenario: short positions should be considered from corrections below the level of 112.24 with a target of 98.73 – 94.71.

Alternative scenario: breakout and consolidation above the level of 112.24 will allow the pair to continue rising to the levels of 114.53 – 118.00.

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 E of (B) finished forming and wave (С) of B started developing,…<br /><p>Read full author’s opinion and review in blog of #LiteForex</p>