The pair USD/JPY is still likely to grow. Estimated pivot point is at a level of 109.35.
Main scenario: long positions will be relevant from corrections above the level of 109.35 with a target of 111.40 – 112.60.
Alternative scenario: breakout and consolidation below the level of 109.35 will allow the pair to continue declining to the levels at 108.81 – 108.00.
Analysis: Supposedly, the wave B of senior level is developing on the daily timeframe, with the wave (C) of B starting to develop inside the wave B. On the 4-hour time frame, a counter-trend impetus is formed as wave1 of (C), a correction wave 2 of (C) is completed and the first wave of junior level i of 3 is formed. On the 1-hour time frame, the third wave iii of 3 is developing and the local correction (ii) of iii is completed inside, supposedly. If the presumption is correct, the pair will continue to rise to the levels 111.40 – 112.60 and higher. The level 109.35 is critical in this scenario.
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