USD/JPY: Elliott wave analysis and forecast for 16/08/2019 – 23/08/2019

The pair USD/JPY is still likely to grow. Estimated pivot point is at a level of  104.99.

Main scenario: long positions will be relevant from corrections above the level of 104.99 with a target of 108.70 – 109.58.

Alternative scenario: Breakout and consolidation below the level of  104.99 will allow the pair to continue declining to the levels of 104.00 – 103.00.

Analysis: Presumably, a huge correction finished developing in the form of wave B of senior level on the D1 time frame and the wave C started forming. Supposedly, the first wave of junior level 1 finished forming as an expanding wedge on the H4 time frame and an ascending correction starts developing in the form of wave 2. Apparently, the wave a of 2 is developing on the H1 time frame, with the waves (i) and (ii) formed inside. If the presumption is correct, the pair will continue to rise to the levels 108.70 – 109.58. The level  104.99 is critical in this scenario.