USD/JPY: Wave analysis and forecast for 15.07 – 22.07

USD/JPY: Wave analysis and forecast for 15.07 – 22.07: Uptrend dominates.

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Estimated pivot point is at the level of 100.00.

Our opinion: Buy the pair from correction above the level of 100.00 with the target of 109.00.

Alternative scenario: Breakout and consolidation of the price below the level of 100.00 will trigger further decline in the pair to 97.70.

Analysis: Presumably, the formation of the fifth wave (v) of v of A has elided in the long-term downtrend. At the moment, large upward correction is being developed as the wave B, within which one-two impetus of the junior level has formed (i). If this assumption is correct, after the correction the pair will continue to rise up to 109.00.

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