USD/JPY Wave analysis and forecast for 04.07 – 11.07: The pair is likely to grow. Estimated pivot point is at the level of 101.20. Our opinion: Sell the pair from correction above the level of 101.20 with the target of 103.20. Alternative scenario: Breakout of the level of 101.20 will allow the price to continue the decline to the level of 100.50. Analysis: Within the daily timeframe it is not excluded that horizontal correction as the wave (B) is being formed, which may take a shape of a triangle. At the moment it is likely that the wave C, as the double zigzag, is being formed. Locally, the momentum as the first wave of a zigzag (a) is being developed. If this assumption is correct, after the completion of the local correction, the pair will continue to go up to the level of 103.20. Critical level for this scenario is 101.20.
Posted on: Fri, 11 Jul 2014 06:00:00 +0000
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