USD/JPY: wave analysis on 22.05.2015

May 22, 2015

The pair is expected to decline.

Supposedly, the first counter-trend wave i of 5 has formed within the fifth wave of senior level. Apparently, a descending correction in a form of wave ii is developing locally. If the presumption is correct, after correction, the pair will continue to rise to the levels 122.00–123.00. The level of 118.84 is critical in this scenario as the breakout will enable the pair to continue declining to the levels 118.00–117.00.

Trading tips

In the short term: sell the pair below a level of 121.26 with a target at 120.16. In the medium term: wait for completion of correction and buy the pair above the level of 118.84 with targets at about 122.00–123.00.

Alternative scenario

Breakout and consolidation below the level of 118.84 will allow the pair to continue declining to the levels 118.00–117.00.

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