USD/JPY Wave analysis and forecast for 09.03 – 16.03

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USD/JPY Wave analysis and forecast for 09.03 – 16.03

The pair is expected to grow

Estimated pivot point is at a level of 105.40.

Main scenario: long positions will be relevant from corrections above the level of 105.40 with a target of 108.65 – 109.60.

Alternative scenario: breakout and consolidation below the level of 105.40 will allow the pair to continue declining to the levels of 104.50 – 103.50.

Analysis: Supposedly, a descending correction of senior level in a form of the wave B finished forming within the 4-hour time frame. Apparently, the wave (C) starts forming now, with the first wave of junior level (i) forming inside. If the presumption is correct, the pair will continue to rise to the levels 108.65 – 109.60. The level 105.40 is critical in this scenario.