USD/JPY: Wave analysis and forecast for 08/02/2019 – 15/02/2019

The pair USD/JPY is still likely to grow. Estimated pivot point is at a level of 108.47.

Main scenario: long positions will be relevant from corrections above the level of 108.47 with a target of 110.80 – 111.42.

Alternative scenario: Breakout and consolidation below the level of  108.47 will allow the pair to continue declining to the levels of 106.20 – 104.50.

Analysis: Supposedly, the wave of senior level (C) of B continues developing on the daily time frame, with the wave 2 of (C) formed inside. Supposedly, the local correction finished forming as the wave 2 of (C) on the H4 time frame and the first counter-trend wave of junior level i of 3 of (C) is forming at the moment. Apparently, the correction (iv) of i has finished forming on the H1 time frame, and the wave (v) of i is developing at the moment. If the presumption is correct, the pair will continue to rise to the levels of 110.80 – 111.42. The level  108.47 is critical in this scenario.