USDJPY Wave analysis and forecast for 07.07 – 14.07

Wave analysis and forecast for 07.07 – 14.07: Downtrend continues.

Estimated pivot point is at the level of 1.3154.

Analysis: Presumably, on the four-hour chart development of the downward impetus continues as the first wave i of C. Locally it is likely that the third wave of the junior level (iii) has been formed and upward correction is being developed as the wave (iv). If this assumption is correct, after the completion of the correction the pair can continue to decline to the level of 1.2800. Critical level for this scenario is 1.3154.

Alternative scenario: Breakout and consolidation of the price above the level of 1.3154 will trigger further rise in price to 1.3345.