USD/JPY Wave analysis and forecast of 20.02 – 27.02: The pair is expected to grow.

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Estimated pivot point is at the level of 116.80.

Our opinion: Buy above a level of 116.80 with a target at 123.50. Sell the pair with the target at 111.65 in case the level 116.80 is broken.

Alternative scenario: Breakout and consolidation below the level of 116.80 will allow the pair to continue declining to a level of 111.65.

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) along with correction (ii) have formed locally. If this assumption is correct and the price does not break the critical level 116.80, the pair will continue to rise to a level of 123.50 within an upward trend.

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