USD/JPY: An upward trend is strong on February 01, 2016

1 February, 2016

Wave C of 4 within a large correction has formed. At present, a starting impulse in the first wave 1 within the fifth wave (5) of the senior level seems to be forming. If the assumption is correct and the price does not break down the critical level of 120.10, the pair continues growing towards 122.40.

Trading tips

Buy the pair above the level of 120.10 with the target at 122.40.

Alternative scenario

The breakdown and consolidation below the level of 120.10 would allow the pair to fall to 118.50, 117.50.


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