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USD/JPY: the middle-termed scenario adjustment

Wave analysis

Technical analysis

Fundamental analysis

Complex analysis

   The following forecast is a revised version of the previous analysis.
   The nearly worked-out Wolf’s wave targeting the green middle line and Fibonacci level next to 93.20 is drawn at the daily chart below. Thereupon the rollback is the most probable being able to start at the very beginning of this month till the Fibo’s level of 76.4 (89.44). This level is interesting from the point of view of formation of the “the initial terms” for further growth. The RSI indicator converges 75 which also proves the growth’s “overheat”. It’s further reasoable to expect the increase renovation targeting the mark of 97.50 after the before mentioned retracement and come back to the average price for the selected 55-days period. The hourly chart should be distinguished as an example of the likely though already completely formed structure. “The initial terms” for further growth are marked with the red spots; the likely terms are also expected at the daily scale as well. In case of the success development of the situation we will be on the spot of the scaling invariance when the price’s structure self-reproduces regardless of the considered scale.

Analysis prepared by:

Maxim Dmitrievsky
Forex4you analyst