USD/JPY: Wave analysis and forecast for 12.02 – 19.02: Downtrend prevails.
Estimated pivot point is at the level of 115.10.
Our opinion: Sell the pair from correction below the level of 115.10 with the target of 108.50. In case of breakdown and consolidation of the price above the level of 115.10, buy the pair with the target of 121.70.
Alternative scenario: Breakout and consolidation of the price above the level of 115.10 allow the pair to continue the rise to the levels of 121.70 – 124.50.
Analysis: The wave С of 4 is being formed within the large correction. At the moment, it is likely that the final fifth wave v of C is developing, within which “bearish” impetus is being formed. If this assumption is correct, the pair will continue to decline to 108.50. Critical level for this scenario is 115.10.