USDJPY Wave analysis and forecast for 25.07 – 01.08: The pair is likely to decline.

Estimated pivot point is at the level of 102.27.

Our opinion: Sell the pair from correction below the level of 102.27 with the target of 100.00 – 99.40.

Alternative scenario: Breakout of the level of 102.27 will allow the price to continue the rise up to the level of 103.00.

Analysis: On the daily timeframe it is not excluded that the formation of the horizontal correction as the wave (B) which took a shape of a triangle, has completed. At the moment it is likely that the first wave 1 of (C) is being formed, within which an impetus may emerge. If this assumption is correct, the pair will continue to decline to 100.00 – 99.40. Critical level for this scenario is 102.27.