USDJPY Wave analysis and forecast for 31.03 – 07.04

Wave analysis and forecast for 31.03 – 07.04: Upward correction is ongoing. The rise in the pair is likely to continue.

Estimated pivot point is at the level of 110.10.

Analysis: Presumably, the formation of the third wave iii of the senior level continues. Locally, it is likely that the downward impetus as the wave (i) of iii has been formed and the upward correction (ii) is being formed. If this assumption is correct, the pair may continue to rise up to 112.65 – 113.26. Critical level for this scenario is 110.10.

Alternative scenario: Breakdown and consolidation of the price below the level of 110.10 will trigger further decline in the pair up to 109.00 – 108.00.