Estimated pivot point is at the level of 113.88.

Our opinion: Sell the pair from correction below the level of 113.88 with the target of 110.18.

Alternative scenario: Breakout and consolidation of the price above the level of 113.88 will trigger the rise up to 115.14 – 116.80.

Analysis: Presumably, the formation of the upward correction (B) of the senior level continues. Locally, it is likely that the third wave iii of A has completed, while downward correction begins in the fourth wave. If this assumption is correct, the pair will continue to decline to 110.18. Critical level for this scenario is 113.18.

USD/JPY H1

USD/JPY H4




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