USD/JPY: Wave analysis and forecast for 15/02/2019 – 22/02/2019

The pair USD/JPY is still likely to grow. Estimated pivot point is at a level of 109.65.

Main scenario: long positions will be relevant above the level of  109.65 with a target of 111.42 – 113.67.

Alternative scenario: breakout and consolidation below the level of 109.65 will allow the pair to continue declining to the levels at 107.73 – 106.20.

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 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 wave  (v) of i is forming on the H1 time frame.  If this assumption is correct, the pair will continue to rise to 111.42 – 113.67. The level  109.65 is critical in this scenario.