USD/JPY: Wave analysis and forecast for 08.04 – 15.04
USD/JPY: Wave analysis and forecast: Downtrend continues.
Estimated pivot point is at the level of 113.80.
Our opinion: Sell the pair from correction below the level of 113.80 with the targets of 106.60 – 106.00.
Alternative scenario: Breakout and consolidation of the price above the level of 113.84 will trigger rise up to the level of 116.00.
Analysis: Presumably, the formation of the downward impetus continues in the third wave of the senior level. At the moment it is likely that the fifth wave (v) of iii is being formed, within which the third wave of the junior level iii of (v) has completed. If this assumption is correct after the completion of the local correction iv of (v) the pair will continue to decline to the levels of 106.60 – 106.00. Critical level for this scenario is 113.80.
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