USD/JPY pair is in correction, remains likely to decline. Estimated pivot point is at the level of 107.81.
Main scenario: consider short positions from corrections below the level of 107.81 with the target in 106.00 – 105.21.
Alternative scenario: breakout and consolidation above the level of 107.81 will allow the pair to continue rising to the levels of 108.60 – 109.84.
Analysis: on the USD/JPY daily time frame, apparently a descending correction of larger degree finished forming as wave B and wave С started developing with the first wave 1 of (1) of C completed inside. On the H4 timeframe, a descending correction is developing…
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