USD/JPY: Wave analysis and forecast for 04.03 – 11.03: Correction is nearing completion.
Estimated pivot point is at the level of 116.00.
Our opinion: Sell the pair from correction below the level of 116.00 with the target of 108.00 – 107.00.
Alternative scenario: Breakout and consolidation of the price above the level of 116.00 allow the pair to continue the rise up to the levels of 120.00 – 122.00.
Analysis: Presumably the formation of the downward impetus continues in the third wave of the senior level. At the moment it is likely that upward correction is nearing completion as the fourth wave (iv) of iii , which is likely to take a shape of a plane. If this assumption is correct after the completion of correction the pair will continue to decline to 108.00 – 107.00. Critical level for this scenario is 116.00.