USD/JPY: Wave Analysis And Forecast For July 12-19, 2019

Downward correction is complete, the pair USD/JPY is likely to grow. Estimated pivot point is at a level of 106.77.Main scenario: long positions will be relevant above the level of 106.77 with a target of 109.38 – 109.94. Alternative scenario: breakout and consolidation below the level of 106.77 will allow the pair to continue declining to the levels of 106.00 – 104.57. Analysis: Supposedly, the wave of senior level (C) of B continues developing on the D1 time frame, with the wave 3 of (C) forming inside. On the H4 timeframe, presumably the descending correction ii of 3 is completed in the form of a zigzag, with the wave (c) of ii formed inside as an impulse. Apparently, the third wave iii of 3 started developing on the H1 time frame, with the first wave of junior level (i) of iii forming inside. If the presumption is correct, the pair will continue to rise to the levels 109.38 – 109.94. The level 106.77 is critical in this scenario.

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