USD/JPY: Wave analysis and forecast for 15/03/2019 – 22/03/2019

The pair USD/JPY is still likely to grow. Estimated pivot point is at a level of 110.67.

Main scenario: long positions will be relevant above the level of 110.67 with a target of 113.00 – 114.00.

Alternative scenario: breakout and consolidation below the level of 110.67 will allow the pair to continue declining to the levels at 108.46 – 107.32.

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. Apparently, the wave (iii) of i continues forming on the H1 time frame, with the first wave v of (iii) developing inside. If the presumption is correct, the pair will continue to rise to the levels of 113.00 – 114.00. The level  110.67 is critical in this scenario.