USD/JPY Wave analysis and forecast of 03.10 – 10.10: Uptrend continues.
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Estimated pivot point is at the level of 107.98.
Our opinion: Buy the pair from correction above the level of 107.98 with the target of 110.00 – 111.00.
Alternative scenario: Breakout and consolidation of the price below the level of 107.98 will enable the pair to continue the decline to the level of 106.80.
Analysis: Presumably, the formation of the fifth wave of the “bullish” impetus continues on the weekly timeframe. Locally, the fourth wave 4 of (5) is probably completed, and the final fifth wave started to rise. If this assumption is correct and the price does not break down the critical level of 107.98, the logical conclusion is that the pair will continue its growth to the level of 110 .00 – 111.00. In case the critical level is broken, the correction will continue to decline to the level of 106.80.