USD/JPY Wave analysis and forecast for 23.03 – 30.03

Downtrend continues

Estimated pivot point is at a level of 106.62.

Main scenario: short positions will be relevant from corrections below the level of 106.62 with a target of 103.50.

Alternative scenario:breakout and consolidation above the level of 106.62 will allow the pair to continue the rise up to the levels of 108.65 – 109.60.

Analysis: Supposedly, a descending impetus in the form of the wave C continues forming as part of the correction (B) of senior level within the 4-hour time frame. Apparently, the fifth wave v of C is developing now, with the wave (iii) of v of junior level nearing completion within. If the presumption is correct, the pair will continue to fall to the level of 103.50 once the correction (iv) has been completed. The level 106.62 is critical in this scenario.