USD/JPY Wave analysis and forecast of 07.10 – 17.10: Uptrend dominates. Correction is nearing completion.
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Estimated pivot point is at the level of 107.40.
Our opinion: Buy the pair from correction above the level of 107.40 with the target of 110.00 – 111.00.
Alternative scenario: Breakout and consolidation of the price below the level of 107.40 will enable the pair to continue the decline to the level of 106.80.
Analysis: Presumably, the formation of the “bearish” correction as the fourth wave of the senior level 4 of (5), which has a shape of a plane (with slightly extended wave c of 4, within which a wedge is likely to be formed), is nearing completion. If this assumption is correct, it is expected that the pair will reverse and start to grow to the level of 111.0 in the final fifth wave 5 of (5).
