USD/JPY Wave analysis and forecast for 19.01 – 26.01

Estimated pivot point is at a level of 111.50.

Main scenario: short positions will be relevant from corrections below the level of 111.50 with a target of 110.14 – 109.68.

Alternative scenario:breakout and consolidation above the level of  111.50 will allow the pair to continue rising to a level of 113.40.

Analysis: Supposedly, a descending correction in the form of the wave 2 of senior level continues developing within the 4-hour time frame. Apparently, the wave с of 2 is forming now, with the wave (v) of c developing within. If the presumption is correct, the pair will continue to drop to the levels 110.14 – 109.68. The level 111.50 is critical in this scenario.