USD/JPY: Wave Analysis and Forecast for 06.05 – 13.05
USD/JPY: The pair is likely to grow.
Estimated pivot point is at the level of 105.50.
Our opinion: Buy the pair from correction above the level of 105.50 with the target of 109.40 – 111.90.
Alternative scenario: Breakout and consolidation of the price below the level of 105.50 will trigger the decline in the pair to the levels of 105.00 – 104.00.
Analysis: Presumably, the formation of the downward impetus has completed in the third wave of the senior level. At the moment it is likely that the formation of the fifth wave (v) of iii has completed, which has obvious 5 wave structure. If this assumption is correct, locally the pair will reverse to correction of the senior level as the fourth wave to the levels of 109.40 – 111.90. Critical level for this scenario is 105.50.