The pair USD/JPY is still likely to grow. Estimated pivot point is at a level of 109.74
Main scenario: long positions will be relevant above the level of 109.74 with a target of 113.22 115.50.
Alternative scenario: breakout and consolidation below the level of 109.74 will allow the pair to continue declining to a level of 108.09.

Analysis: Supposedly, the wave (C) of B of senior level continues developing on the daily timeframe. On the 4-hour time frame, presumably a local correction finished forming in the form of wave 2 of (C) that took a shape of an irregular plane, and the wave 3 of (C) started developing. The first counter-trend wave of junior level (i) of i of 3 has formed and the local correction (ii) of i is nearing completion on H1 time frame. If the presumption is correct, the pair will continue to rise to the levels of 113.22 115.50. The level 109.74 is critical in this scenario.

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