USD/JPY: Elliott Wave Analysis And Forecast For August 8-15, 2019

The pair is still likely to grow. Estimated pivot point is at a level of 108.60.

Main scenario: long positions will be relevant from corrections above the level of 108.60 with a target of 110.50 – 111.00.

Alternative scenario: Breakout and consolidation below the level of 108.60 will allow the pair to continue declining to the levels of 107.85 – 106.46.

Analysis: On the daily time frame, supposedly, a large correction has been completed in the form of wave (B) of senior level and wave (С) is starting to form. On the H4 time-frame, apparently, the first wave i of 1 of (С) has formed and correction ii of 1 has finished developing. Apparently, the third wave iii of 1 is developing on the H1 time frame, with a counter-trend impulse formed as the first wave of junior level (i) of iii and the local correction (ii) of iii developed inside. If the presumption is correct, the pair will continue to rise to the levels of 110.50 – 111.00. The level 108.60 is critical in this scenario.

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