USD/JPY Wave analysis and forecast for 07.03 – 14.03: Correction has completed. The pair is likely to decline. Estimated pivot point is at the level of 103.13.
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Our opinion: Wait for the formation of reversal and the first in-lead downward wave and sell the pair in case of consolidation below the level of 103.13 with the target of 101.0 – 100.0.
Alternative scenario: The rise in price above the level of 103.13 will enable the pair to continue growth to the level of 103.60 – 104.30.
Analysis: Presumably, the first in-lead wave within large downward correction has completed. Locally, ascending correction as the second wave, which has shape of a plane is nearing completion. If this assumption is true, the price will soon reverse and continue to decline in the third wave.
