The USD/JPY pair is under correction, still likely to fall Estimated pivot point is at a level of 111.90.
Main scenario: short positions will be relevant from corrections below the level of 111.90 with a target of 109.23 – 108.31.
Alternative scenario:breakout and consolidation above the level of 111.90 will allow the pair to continue rising to a level of 113.00.
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. 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) has formed. Apparently, a descending correction is forming as the second wave ii of 3 on the H1 time frame, with the wave с of ii forming inside. If the presumption is correct, the pair will continue to drop to the levels 109.23 – 108.31. The level 111.90 is critical in this scenario.