USD/JPY: Wave analysis and forecast for 09/11/2018 – 16/11/2018

The pair USD/JPY is still likely to grow. Estimated pivot point is at a level of 112.93.

long positions will be relevant above the level of 112.93 with a target of 115.00 – 116.50. /p>

Alternative scenario: breakout and consolidation below the level of 112.93 will allow the pair to continue declining to a level of 111.34.

Analysis: Supposedly, the wave (C) of B of senior level continues developing on the daily timeframe. On the 4-hour time frame, presumably the wave 3 of (C) is developing, with the wave i of 3 forming inside. Apparently, the wave (v) of i continues forming now on the 1-hour time frame, with the third wave of junior level iii of (v) developing inside. If the presumption is correct, the pair will continue to rise to the levels of 115.00 – 116.50 The level 112.93 is critical in this scenario.