USD/JPY Wave analysis and forecast of 22.08 – 29.08: The pair is likely to decline.

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Estimated pivot point is at the level of 104.11.

Our opinion: Wait till the reversal forms and sell the pair with the targets of 101.50 – 101.0 if it consolidates below the level of 104.11.

Alternative scenario: Breakout and consolidation above the level of 104.11 will make it possible for the price to continue the growth to the level of 105.0.

Analysis: On the daily timeframe it is not excluded that the formation of the horizontal correction in a form of the wave (B) is nearing completion. At the moment it is likely that the formation of the wave (C) is being completed, within which, by all appearances, a diagonal triangle has formed. If this assumption is correct, it’s logical to expect soon the reversal and the start of a medium-term decline to the level of 99.45 in the wave (C).

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