USD/JPY Wave analysis and forecast for 29.12 – 05.01

Estimated pivot point is at a level of 112.99.

Main scenario: short positions will be relevant from corrections below the level of 112.99 with a target of 111.96.

Alternative scenario: breakout and consolidation above the level of 112.99 will allow the pair to continue the rise up to the levels of 113.72 – 114.73.

Analysis: Supposedly, the third wave of senior level 3 of C continues forming in the 4-hour time frame. Apparently, a downward correction in the form of the wave ii of 3 of junior level is forming now, with the wave (c) of ii forming as an impetus inside. If this assumption is correct, the pair will go on dropping to the level of 111.96. The level 112.99 may be critical in this scenario.