The pair USD/JPY is still likely to grow. Estimated pivot point is at a level of 109.89.
Main scenario: long positions will be relevant from corrections above the level of 109.89 with a target of 111.40.
Alternative scenario: breakout and consolidation below the level of 109.89 will allow the pair to continue declining to the levels at 109.18 – 108.37.
Analysis: Supposedly, an ascending impetus has been formed within the 4-hour time frame as the first wave of senior level 1 of (C) and a local correction 2 of (C) has come to an end. Apparently, the wave 3 of (C) started forming now, with the first wave of junior level i of 3 forming inside. If the presumption is correct, the pair will logically continue to rise to a level of 111.40. The level 109.89 is critical in this scenario.
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