USD/JPY: Wave analysis and forecast for 26.02 – 04.03: The pair is undergoing correction.
Estimated pivot point is at the level of 111.00.
Our opinion: in the short-term: buy the pair above the level of 111.00 with the target of 114.90. In case of breakdown of the level of 111.00, sell with the target of 106.70.
Alternative scenario: Breakout and consolidation of the price below the level of 111.00 allow the pair to continue decline to the level of 106.70.
Analysis: Presumably the formation of the downward impetus continues in the third wave of the senior level. At the moment it is likely that upward correction is being formed as the fourth wave (iv) of iii, which might take a shape of a plane. If this assumption is correct, in the short-tern the pair can rise up to 114.00 – 114.90.. Critical level for this scenario is 111.00.