The pair USD/JPY is still likely to grow. Estimated pivot point is at a level of 110.67.

Main scenario: long positions will be relevant above the level of 110.67 with a target of 113.00 – 114.00. 

Alternative scenario: breakout and consolidation below the level of 110.67 will allow the pair to continue declining to the levels at 108.46 – 107.32. 

Analysis: Supposedly, the wave of senior level (C) of B continues developing on the daily time frame, with the wave 2 of (C) formed inside. Supposedly, the local correction finished forming as wave 2 of (C) on the H4 time frame and the first counter-trend wave of junior level i of 3 of (C) is forming at the moment. Apparently, the wave (iii) of i continues forming on the H1 time frame, with the first wave v of (iii) developing inside. If the presumption is correct, the pair will continue to rise to the levels of 113.00 – 114.00. The level  110.67 is critical in this scenario.

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Price chart of USDJPY in real time mode

USD/JPY: Wave analysis and forecast for 15/03/2019 – 22/03/2019

The content of this article reflects the author’s opinion and does not necessarily reflect the official position of LiteForex. The material published on this page is provided for informational purposes only and should not be considered as the provision of investment advice for the purposes of Directive 2004/39/EC.

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