USD/JPY is likely to rise. Estimated pivot point is at the level of 106.77.
Main scenario: consider long positions from correction above the level of 106.77 with the target in 108.60 – 109.84.
Alternative scenario: breakout and consolidation below the level of 106.77 will allow the pair to continue declining to the levels of 105.21 – 104.50.
Analysis: On the daily time frame, apparently a descending correction of larger degree finished forming as wave B and wave С started developing. On the H4 time frame, the first wave 1 of (1) of C has been formed and a local correction as wave 2…
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