USD/JPY remains likely to fall. Estimated pivot point is at a level of 107.82.
Main scenario: consider short positions from corrections below the level of 107.82 with a target of 105.21 – 104.50.
Alternative scenario: breakout and consolidation above the level of 107.82 will allow the pair to continue rising to the levels of 108.60 – 109.84.
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 formed and a local correction continues forming…
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