USD/JPY Wave analysis and forecast of 21.11 – 28.11: “Bearish” correction is likely to develop. Estimated pivot point is at the level of 119.0. Our opinion: Sell the pair from correction below the level of 119.0 with the target of 117.0 – 118.0. In case of breakdown of the level of 114.80, sell the pair with the target of 115.50 – 114.0. Alternative scenario: Breakout and consolidation of the price above the level of 119.0 will enable the price to continue the rise up to the levels of 119.50 – 120.0. Analysis: Presumably, the formation of the “bullish” momentum in the third wave of the senior level iii of 3 has completed. Locally, the formation of the fifth wave of the junior level v of (v) of iii has come to an end, while the reversal and the first one-two wave of the future correction are being formed. If this assumption is correct and the price does not break down the critical level of 119.0 during the correction period, the pair is likely to continue to decline to the levels of 115.50 – 113.80.
Posted on: Fri, 21 Nov 2014 23:17:27 +0000
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