USD/JPY Wave analysis and forecast for 10.07 – 18.07: The pair is likely to grow.
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Estimated pivot point is at the level of 101.20.
Our opinion: Sell the pair from correction above the level of 101.20 with the target 103.00.
Alternative scenario: Breakout of the level of 101.20 will allow the price to continue the decline to the level of 100.50.
Analysis: Within the daily timeframe it is not excluded that horizontal correction as the wave (B) is being formed, which may take a shape of a triangle. At the moment it is likely that the wave C, as the double zigzag, is being formed. Locally, it seems that the third wave of a zigzag (c) is being developed. If this assumption is correct the pair will continue to rise to the level of 103.00. Critical level for this scenario is 101.20.