USD/JPY: Elliott wave analysis and forecast for 23/08/2019 – 30/08/2019

The pair USD/JPY is still likely to grow. Estimated pivot point is at a level of 106.15.

Main scenario: long positions will be relevant from corrections above the level of 106.15 with a target of 107.67 – 108.43.

Alternative scenario: Breakout and consolidation below the level of  106.15 will allow the pair to continue declining to the levels of 104.00 – 103.00.

Analysis: Supposedly, the large correction has stopped forming on the daily time frame  in the form of the wave (B) of senior level and wave (С) has started forming. Supposedly, the third wave 3 of (C) is forming on the H4 time frame, with the wave  i of 3 formed inside. Apparently, the corrective wave ii of 3 is developing on the H1 time frame with wave (b) of ii formed inside. If this assumption is correct, the pair will continue to rise to 107.67 – 108.43. The level 106.15 is critical in this scenario.