USD/JPY: Elliott wave analysis and forecast for 24/07/2020 – 31/07/2020

USD/JPY remains likely to fall. Estimated pivot point is at a level of 107.27.

Main scenario: consider short positions from corrections below the level of 107.27 with a target of 105.75 – 105.21.

Alternative scenario: breakout and consolidation above the level of 107.27 will allow the pair to continue rising to the levels of 108.16 – 108.60.

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