USD/JPY: Wave analysis and forecast for 29.07 – 05.08: Uptrend continues.
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Estimated pivot point is at the level of 99.88.
Our opinion: Buy the pair from correction above the level of 99.88 with the target of 109.00.
Alternative scenario: Breakout and consolidation of the price below the level of 99.88 will trigger further decline in the pair to 97.00 – 96.00.
Analysis: Presumably, the formation of the large upward correction continues as the wave B, in which one-two impetus of the junior level (i) has been formed. At the moment, it seems that the local correction (ii) has completed. If this assumption is correct, the pair will continue to rise up to 109.00.
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