USD/JPY : Wave analysis and forecast for 10/05/19 – 17/05/19

The pair USD/JPY is being corrected, it is still likely to fall. Estimated pivot point is at a level of 112.36.

Main scenario: short positions will be relevant from corrections below the level of 112.36 with a target of 108.42 – 107.51.

Alternative scenario: breakout and consolidation above the level of 112.36 will allow the pair to continue rising up to the levels at 114.00 – 115.00.

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 first counter-trend wave of junior level  i of 3 of (C) has been formed and the descending correction ii of 3 is  developing on the H4 time frame. Apparently,  a downward impulse as wave (a) of ii is finishing on the H1 time frame. If If the presumption is correct, when the correction (b) of ii is complete, the pair will continue declining to the levels of 108.42 – 107.51. The level 112.36 is critical in this scenario.

USD/JPY