USD/JPY: Wave Analysis and Forecast for 29.04 – 06.05.
Estimated pivot point is at the level of 108.70.
Our opinion: Sell the pair from correction below the level of 108.70 with the target of 106.00 – 105.00.
alternative scenario: breakout and consolidation of the price above the level of 108.70 will trigger the rise in the pair up to the levels of 110.70 – 112.00.
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 is being developed (v) of iii, within which an impetus as the fifth wave of the junior level v of (v) is being formed. If this assumption is correct, the pair may continue to decline to 106.00 – 105.00. Critical level for this scenario is 108.70.