USD/JPY Wave analysis and forecast for 14.03 – 21.03: The pair is likely to decline. Estimated pivot point is at the level of 103.75.
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Our opinion: Sell the pair from correction below the level of 103.75 with the target of 101.0 – 100.0.
Alternative scenario: The rise in price above the level of 103.75 will enable the pair to continue growth to the level of 105.0.
Analysis: Presumably, the formation of the first wave within large downward correction is still ongoing. Locally, upward correction, as the second wave, has completed and the third wave is being formed. If this assumption is true, it makes sense to expect that decline in the pair will continue up to the level of 100.0.
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