USD/JPY Wave analysis and forecast of 07.11 – 14.11: Uptrend dominates. The pair can undergo downward correction.
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Estimated pivot point is at the level of 115.60.
Our opinion: In the short-term: sell the pair below the level of 115.60 with the target of 113.10. In the medium-term: wait for the completion of the local correction and buy the pair in case of confirmation signals with the targets of 117.0 – 118.0.
Alternative scenario: Breakout and consolidation of the price above the level of 115.60 will enable the pair to continue growth up to the levels of 117.0 – 118.0.
Analysis: The pair continues to rise and it is likely that only the third wave in the fifth wave of the senior level is being developed. Locally, the formation of the momentum in the third wave of the junior level is nearing completion, and if this assumption is correct, the pair can undergo downward correction as the fourth wave and then continue to grow up to the levels of 117.0 – 118.0.