USD/JPY: wave analysis
The pair is in a correction and may grow.
On the 4-hour chart, the wave (C) of the higher level forms, within which the first wave 1 of (C) develops. Now, the development of the third wave of the lower level iii of 1 has started, within which the local correction (ii) of iii is forming. If the assumption is correct, after the end of the correction, the pair will grow to the levels of 110.50–111.00. In this scenario, critical stop loss level is 108.25.
Main scenario
Long positions will become relevant after the end of the correction, above the level of 108.25 with the targets at 110.50–111.00. Implementation period: 7 days and more.
Alternative scenario
The breakout and the consolidation of the price below the level of 108.25 will let the pair go down to the levels of 107.55–106.95.
Scenario
Timeframe Weekly
Recommendation BUY
Entry Point 109.16
Take Profit 110.50, 111.00
Stop Loss 108.25
Key Levels 106.95, 107.55, 108.25, 110.50, 111.00
Alternative scenario
Recommendation SELL STOP
Entry Point 108.20
Take Profit 107.55, 106.95
Stop Loss 108.50
Key Levels 106.95, 107.55, 108.25, 110.50, 111.00
On the 4-hour chart, the wave (C) of the higher level forms, within which the first wave 1 of (C) develops. Now, the development of the third wave of the lower level iii of 1 has started, within which the local correction (ii) of iii is forming. If the assumption is correct, after the end of the correction, the pair will grow to the levels of 110.50–111.00. In this scenario, critical stop loss level is 108.25.
Main scenario
Long positions will become relevant after the end of the correction, above the level of 108.25 with the targets at 110.50–111.00. Implementation period: 7 days and more.
Alternative scenario
The breakout and the consolidation of the price below the level of 108.25 will let the pair go down to the levels of 107.55–106.95.
Scenario
Timeframe Weekly
Recommendation BUY
Entry Point 109.16
Take Profit 110.50, 111.00
Stop Loss 108.25
Key Levels 106.95, 107.55, 108.25, 110.50, 111.00
Alternative scenario
Recommendation SELL STOP
Entry Point 108.20
Take Profit 107.55, 106.95
Stop Loss 108.50
Key Levels 106.95, 107.55, 108.25, 110.50, 111.00
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