USD/JPY: Elliott wave analysis and forecast for 24/04/2020 – 01/05/2020

USD/JPY remains likely to fall. Estimated pivot point is at a level of 109.32.

Main scenario: consider short positions from corrections below the level of 109.32 with a target of 103.00 – 101.08.

Alternative scenario: breakout and consolidation above the level of 109.32 will allow the pair to continue the rise up to the levels of 111.80 – 114.53.

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