USD/JPY

Usd/Jpy is bouncing off around 118.10 level, still unable to decide the clear direction.

Wave analysis and forecast for 15.01 – 22.01: Downtrend continues.

Estimated pivot point is at the level of 118.42.

Our opinion: Sell the pair from correction below the level of 118.42 with the target of 116.00 – 115.00.

Alternative scenario: Breakout and consolidation of the price above the level of 118.42 will enable the pair to continue the rise up to the levels of 121.00 – 122.00.

Analysis: The formation of the wave С of 4 of the senior level continues. Within this wave the impetus is likely to develop. At the moment, the formation of the third wave of the impetus iii of C is likely to finish and within it the decline in the fifth wave (v) is expected . If this assumption is correct, the pair will continue to decline to 116.00 – 115.00. Critical level for this scenario is 118.42.

I think it will continue dropping until it reaches 115.80.

possible double bottom on the USDJPY daily chart, around the 117.00 zone.

Good morning I would like to post my USDJPY chart with explanation

I hope you find it useful

The 118.00 level continues acting as a good resistance on the USD/JPY, the pair may go back to its bearish trend.

It broke below the support at 116.70, so I too think it will continue falling.

I'm out until it reaches some higher levels.

Further bullish movement is expected, next target is around 118.50 and follow by 119.00 level.

Frankly, I wouldn't be surprised if it reaches even 120.00.

The USDJPY heading to the 119.00 level. Lets see how it reacts at that level.

Probably its just pull back before it will push higher.

I too think that the pair is rising towards target 119.00, it might even reach 119.80.

lets see if the USDJPY goes and visits the 200.00 area, which could act as resistance. The 118.00 level could act as support.

The pair is waiting for US GDP, let's see the pair would push even higher towards 122.00 level.

I think it will eventually reach 124.00, and a breakout above that level would confirm that the bullish trend continues.

It'll be an exciting week!

It's testing 119, a breakout below that support would mean it will continue falling towards 118 - 117.50.

Nice move last week.