USD/JPY: Wave analysis and forecast for 11.03 – 18.03: The pair is likely to decline.
Estimated pivot point is at the level of 114.55.
Our opinion: Sell the pair from correction below the level of 114.55 with the targets of 108.00 – 107.00.
Alternative scenario: Breakout and consolidation of the price above the level of 114.55 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 the upward correction has completed as the fourth wave (iv) of iii, which is likely to take a shape of a double triple wxy and the fifth wave (v) is being developed. If this assumption is correct, the pair will continue to decline to 108.00 – 107.00. Critical level for this scenario is 114.55.