The pair USD/JPY is likely to grow. Estimated pivot point is at a level of 104.46.
Main scenario: long positions will be relevant above the level of 104.46 with a target of 113.66 – 114.50.
Alternative scenario: breakout and consolidation below the level of 104.46 will allow the pair to continue declining to a level of 103.00.
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. Presumably a local correction is completed as the wave 2 of (C) on the 4-hour timeframe. Apparently, the wave 3 of (C) starts forming on the H1 time-frame, with the first wave of junior level (i) of i of 3 formed and the correction (ii) of i completed inside. If the presumption is correct, the pair will continue to rise to the levels of 113.66 – 114.50. The level 104.46 is critical in this scenario.
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