USD/JPY Wave analysis and forecast for 26.08 – 02.09: Downtrend continues.
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Estimated pivot point is at a level of 100.96.
Our opinion: Sell the pair from corrections below the level of 100.96 with a target at 0.99 – 0.98.
Alternative scenario: Breakdown and consolidation above the level of 100.96 will allow the pair to continue rising to a level of 102.68.
Analysis: Apparently, a long-term downward trend continues forming as the wave A. The fifth wave is supposedly developing in a form of a diagonal triangle, with the third wave of junior level (iii) of v of A continuing to form within. If the assumption is correct, the pair will continue dropping to levels 99.00 – 98.00. The level 100.96 is critical in this scenario.
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