USD/JPY: Elliott wave analysis and forecast for 22/05/2020 – 29/05/2020

USD/JPY remains likely to grow. Estimated pivot point is at a level of 105.96.

Main scenario: consider long positions from corrections above the level of 105.96 with a target of 109.51 – 111.80.

Alternative scenario: breakout and consolidation below the level of 105.96 will allow the pair to continue declining to the levels of 103.00 – 101.08.

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 finished forming…<br /><p>Read full author’s opinion and review in blog of #LiteForex</p>