USD/JPY: Wave analysis and forecast for 07/06/2019 – 14/06/2019

The USD/JPY pair is under correction, still likely to fall Estimated pivot point is at a level of 109.19.

Main scenario: short positions will be relevant from corrections below the level of 109.19 with a target of 107.51.

Alternative scenario: breakout and consolidation above the level of 109.19 will allow the pair to continue the rise up to the levels of 110.67 – 112.40.

Analysis: Supposedly, the wave of senior level (C) of B continues developing on the D1 time frame, with the wave 3 of (C) forming inside. On the H4 timeframe, presumably there’s a descending correction ii of 3 forming in the form of a zigzag, with the wave (c) of ii developing inside. Apparently, the fourth wave of junior level iv of (c) has formed on the H1 time frame. If this assumption is correct, the pair will continue to drop to 107.51 inside the wave v of (c). The level  109.19 is critical in this scenario.