USD/JPY Wave analysis and forecast for 10.02 – 17.02

USD/JPY Wave analysis and forecast for 10.02 – 17.02: The pair is undergoing correction.

Estimated pivot point is at the level of 115.36.

Our opinion: Wait for the correction and sell the pair below the level of 115.36 with the target of 108.15.

Alternative scenario: Breakout and consolidation of the price above the level of 115.36 will trigger further rise to 118.58.

Analysis: Presumably, the formation of the wave (С) continues. Locally, it is likely that the upward correction as the second wave is being developed, within which the wave (с) of the junior level is being formed as an impetus. If this assumption is correct, after the completion of the correction, the pair may decline to108.15. Critical level for this scenario is 115.36.