USD/JPY Wave analysis and forecast for 02.02 – 09.02

USD/JPY Wave analysis and forecast for 02.02 – 09.02

Estimated pivot point is at a level of 108.30.

Main scenario: long positions will be relevant from corrections above the level of 108.30 with a target of 111.48.

Alternative scenario:Breakout and consolidation below the level of 108.30 will allow the pair to continue declining to a level of 107.30.

Analysis: Supposedly, a descending correction in the form of the wave 2 of senior level finished developing within the 4-hour time frame. Apparently, the wave 3 started forming now, with the first counter-trend wave of junior level (i) forming inside. If this assumption is correct, the pair will go on growing to the level of 111.48. The level 108.30 is critical in this scenario.