USD/JPY Wave analysis and forecast of 27.02 – 06.03

USD/JPY Wave analysis and forecast of 27.02 – 06.03: The pair is expected to grow.

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Estimated pivot point is at the level of 117.00.

Our opinion: Buy the pair from corrections above a level of 117.00 with a target at 123.50. Sell the pair with the target of 115.00 – 114.00 in case the level 117.00 is broken down.

Alternative scenario: Breakdown and consolidation below a level of 117.00 will allow the pair to continue declining to the levels 115.00 – 114.00.

Analysis: The formation of the fifth wave under long-term bullish impetus is going on. Apparently, a counter-trend impetus in a form of first wave (i) has formed locally, and correction is developing within the wave (ii) that has not developed yet. If this assumption is correct and the price does not break the critical level 117.00, after correction the pair will continue to rise to the level of 123.50 within an upward trend.

USDJPY-D1

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USDJPY-H4

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