USD/JPY Wave analysis and forecast for 28.02 – 07.03: The pair is experiencing correction. A chance of medium-term decline in the pair is preserved. Estimated pivot point is at the level of 105.40.
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Our opinion: In the short-term: sell the pair below the level of 101.34 with the target of 103.30 – 103.60. In the medium-term: wait for the completion of ascending correction and sell the pair below the level of 105.40 with the target of 100.0 – 90.0.
Alternative scenario: Breakdown at the level of 105.40 will enable the pair to continue growth within uptrend to the level of 106.00 – 107.0.
Analysis: Presumably, the first in-lead wave within estimated large downward correction has completed. Locally, local ascending correction as the second wave, which is likely to take shape of a plane is being formed with a target level of 103.07. If this assumption is true, following completion of correction it makes sense to expect that the pair will continue to decline in the third wave.
