LFWT Sinal – USDJPY Wave analysis and forecast for 21.07 – 28.07

Wave analysis and forecast for 21.07 – 28.07: Downtrend continues.

Estimated pivot point is at the level of 112.80.

Analysis: Presumably, the formation of the downward correction of the senior level continues within which the wave c is being developed. Locally, it is likely that the first wave of the junior level (i) is being developed and within this wave the bearing impetus is being formed. If this assumption is correct, the pair can continue to decline to 110.90. Critical level for this scenario is 112.80.

Alternative scenario: Breakout and consolidation of the price above the level of 112.80 will trigger further rise in the pair up to 114.00.