USD/JPY Wave analysis and forecast for 04.04 – 11.04: Formation of the ascending correction continues. Estimated pivot point is at the level of 102.65.
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Our opinion: In the short-term: sell the pair below the level of 104.20 with the target of 103.15. In the medium-term: wait for the completion of descending correction and buy the pair on pullbacks from the level of 103.15 with the target of 104.40.
Alternative scenario: Drop in price below the level of 102.65 will allow the pair to continue decline to the levels of 101.0 – 100.0.
Analysis: Ascending correction is ongoing taking a shape of a complex plain with a triangle in wave b. It is assumed at the moment that the wave C is being formed, within which impetus can develop. Locally it is possible that the third wave of the impetus ahs completed and correction in the fourth wave has begun.
