USD/JPY Wave analysis and forecast for 30.09 – 07.10: Downtrend continues.
Estimated pivot point is at the level of 101.81.
Our opinion: Sell the pair from correction below the level of 101.81 with the target of 98.90.
Alternative scenario: Breakout and consolidation of the price above the level of 101.81 will trigger the rise in the pair up to 103.26.
Analysis: Presumably, the formation of the third wave iii of 5 continues in the diagonal triangle. Locally, it is likely that the wave (c) of iii is being developed, within which the correction iv has completed and the fifth wave is being formed. If this assumption is correct, the pair will continue to decline to the level of 98.90. Critical level for this scenario is 101.81.
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