USD/JPY Wave analysis and forecast of 29.08 – 05.09: The pair is likely to decline.
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Estimated pivot point is at the level of 104.30.
Our opinion: Sell the pair below the level of 104.30 with the target of 101.50 – 101.0.
Alternative scenario: Breakout and consolidation above the level of 104.30 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 as the wave (B) is nearing completion. At the moment it is likely that the formation of the wave (C) is completed, within which, by all appearances, a diagonal triangle has formed. If this assumption is correct, it’s logical to expect soon a medium-term decline to the level of 99.45 in the wave (C).
