USD/JPY: Wave analysis and forecast for 15.04 – 22.04: The pair is undergoing correction. A chance of decline remains.
Estimated pivot point is at the level of 110.72.
Our opinion: Sell the pair from correction below the level of 110.72 with the targets of 106.60 – 106.00.
Alternative scenario: Breakout and consolidation of the price above the level of 110.72 will trigger rise in the pair up to the levels of 114.00 - 116.00.
Analysis: Presumably, the formation of the downward impetus continues in the third wave of the senior level. At the moment it is likely that the fifth wave (v) of iii is being formed, within which the third wave of the junior level iii of (v) has completed and the correction as the fourth wave iv of (v) is developing. If this assumption is correct after the completion of the correction the pair will continue to decline to the level of 106.60.