USD/JPY Wave analysis and forecast of 26.12 – 02.01: The pair is likely to undergo correction and continue to grow. Estimated pivot point is at the level of 115.50. Our opinion: Wait for the completion of correction and buy the pair above the level of 115.50 with the target of 123.50. Alternative scenario: Breakout and consolidation of the price below the level of 115.50 will enable the price to continue decline to the levels of 114.50 – 114.0. Analysis: Presumably, the formation of the final fifth wave v of 3 is ongoing; within this wave one-two, one-two momentum as the wave (i) of v has developed and local correction in the wave (ii) is expected. If this assumption is correct, after the completion of the local correction the pair will continue to grow. Critical level for this scenario is 115.50.
Posted on: Sun, 28 Dec 2014 11:06:48 +0000
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