USDJPY Wave analysis and forecast for 08.08 – 15.08: Correction continues. The pair may go up.

Estimated pivot point is at the level of 101.00.

Our opinion: Buy the pair from correction above the level of 101.00 with the target of 104.10.

Alternative scenario: Breakout of the level of 101.00 will allow the price to continue the decline to the level of 99.50.

Analysis: On the daily timeframe it is not excluded that the formation of the horizontal correction as the wave (B) is ongoing. At the moment it is likely that the wave (C) is being formed, within which diagonal triangle can be formed. Locally, it seems that the wave iv of (C) is nearing completion. If this assumption is correct, the pair will continue to rise up to the level of 104.10. Critical level for this scenario is 101.00.