The pair USD/JPY is still likely to grow. Estimated pivot point is at a level of 110.83.
Main scenario: long positions will be relevant above the level of 110.83 with a target of 113.00 – 114.00.
Alternative scenario: breakout and consolidation below the level of 110.83 will allow the pair to continue declining to the levels at 109.66 – 108.31.
Analysis: Supposedly, the wave of senior level (C) of B continues developing on the daily time frame, with the wave 2 of (C) formed inside. Supposedly, the local correction finished forming as wave 2 of (C) on the H4 time frame and the first counter-trend wave of junior level i of 3 of (C) has formed. Apparently, the wave iii of 3 started developing on the H1 time frame, with the waves (i) of iii и (ii) of iii formed inside. If the presumption is correct, the pair will continue to rise to the levels of 113.00 – 114.00. The level 110.83 is critical in this scenario.