USD/JPY Wave Analysis And Forecast May 24 - 31, 2019
The USD/JPY pair is under correction, still likely to fall. The estimated pivot point is at a level of 110.69.
Main scenario: Short positions will be relevant from corrections below the level of 110.69 with a target of 108.42 – 107.51.
Alternative scenario: Breakout and consolidation above the level of 110.69 will allow the pair to continue the rise up to the levels of 112.40 – 114.44.
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. On the H4 time frame, presumably the first counter-trend wave of junior level i of 3 of (C) has formed and a downward correction ii of 3 is developing. On the H1 time-frame, apparently, a descending impetus has formed in the form of wave (a) of ii and the wave (b) of ii is completed. If the presumption is correct, the pair will continue to drop to the levels 108.42 – 107.51. The level of 110.69 is critical in this scenario.
