USD/JPY: Wave analysis and forecast for 19.02 – 26.02: Downtrend prevails.
Estimated pivot point is at the level of 116.40.
Our opinion: Sell the pair below the level of 116.40 with the target of 108.50 – 107.00.
Alternative scenario: Breakout and consolidation of the price above the level of 116.40 allow the pair to continue the rise to the level of 121.50 or higher up.
Analysis: Presumably, long-term “bullish” impetus has completed on the weekly timeframe. Currently, it seems that the “bearish” correction can reach the levels of 100.00 – 95.00. Locally it is likely that the first corrective wave is being formed, within which impetus in the third wave of the junior level is developing. If this assumption is correct, the pair will continue to decline to 108.50 – 107.00. Critical level for this scenario is 116.40.