USD/JPY: Wave analysis and forecast for 01/02/2019 – 08/02/2019

The pair USD/JPY is still likely to grow. Estimated pivot point is at a level of 107.73.

Main scenario: long positions will be relevant above the level of  107.73 with a target of 111.42 – 113.66.

Alternative scenario: Breakout and consolidation below the level of  107.73 will allow the pair to continue declining to the levels of 106.20 – 104.50.

Analysis: Supposedly, the wave of senior level (C) of B continues developing on the daily time frame, with the wave 2 of (C) formed inside. Supposedly, the local correction finished forming as wave 2 of (C) on the H4 time frame and the first counter-trend wave of junior level i of 3 of (C) is forming at the moment. On the H1 time frame, the wave (iii) of i has been formed and a downward correction (iv) of i is nearing completion. If the presumption is correct, the pair will continue to rise to the levels of 110.80 – 111.42. The level  107.73 is critical in this scenario.