USD/JPY: Wave analysis and forecast for 24/08/2018 – 31/08/2018

The pair USD/JPY is still likely to grow. Estimated pivot point is at a level of 109.74

Main scenario: long positions will be relevant above the level of 109.74 with a target of 113.22 – 115.50.

Alternative scenario: breakout and consolidation below the level of 109.74 will allow the pair to continue declining to a level of 108.09.

Analysis: Supposedly, the wave (C) of B of senior level continues developing on the daily timeframe. Presumably a local correction finished forming in the form of wave 2 of (C) that took a shape of an irregular plane on the 4-hour time frame. The third wave 3 of (C) started developing on the H1 time frame with the first counter-trend wave of junior level forming inside. If the presumption is correct, the pair will continue to rise to the levels of 113.22 – 115.50. The level 109.74 is critical in this scenario.