USD/JPY Wave analysis and forecast for 19.08 – 26.08: The pair continues to decline.
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Estimated pivot point is at a level of 102.70.
Our opinion: Sell the pair from corrections below the level of 102.70 with a target at 0.98 – 0.97.
Alternative scenario: Breakout and consolidation above the level of 102.70 will allow the pair to continue the rise up to the levels of 105.00 – 107.00.
Analysis: Apparently, a long-term downward trend continues forming as the wave A. The fifth wave is supposedly developing in a form of a diagonal triangle, with the third wave of junior level (iii) of v of A forming within. If the assumption is correct, the pair will continue dropping to levels 98.00 – 97.00. The level 102.70 is critical in this scenario.
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