USD/JPY: Wave analysis and forecast for 16/11/2018 – 23/11/2018

The pair USD/JPY is likely to fall in price. Estimated pivot point is at a level of 114.22.

Main scenario: short positions will be relevant from corrections below the level of 114.22 with a target of 110.65 – 109.50.

Alternative scenario:breakout and consolidation above the level of 114.22 will allow the pair to continue rising to a level of 115.50.

Analysis: Supposedly, the wave of senior level (C) of B continues developing on the daily time frame, with the wave 1 of (C) formed inside. Presumably a local correction is forming as the wave 2 of (C) on the 4-hour timeframe. On the H1 time frame, apparently the ascending correction of junior level finished developing in the form of wave b of 2.  If this assumption is correct, the pair will continue to drop to 110.65 – 109.50. The level  114.22 is critical in this scenario.