USD/JPY Wave analysis and forecast for 28.03 – 04.04: The emergence of ascending correction. The pair is likely to decline. Estimated pivot point is at the level of 103.75.
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Our opinion: In the short-term: buy the pair above the level of 101.70 with the target of 103. In the medium-term: wait for the completion of ascending correction and sell the pair 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 up to the level of 105.0.
Analysis: Presumably, the formation of the ascending correction as the second wave ii of 3 is ongoing. If this assumption is true, following the completion of the wave c of ii, it will make sense to expect that decline in the pair will continue up to the level of 100.0.
