USD/JPY: wave analysis
The pair may grow.
On the 4-hour chart, the third wave iii develops within the first wave of the higher level 1 of (C). Now, the first wave of the lower level (i) of iii of 1 has formed, a local correction has ended as the wave (ii) of iii, and the development of the wave (iii) of iii has started. If the assumption is correct, the pair will grow to the levels of 110.50–111.00. In this scenario, critical stop loss level is 107.86.
Main scenario
Long positions will become relevant during the correction, above the level of 107.86 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 107.86 will let the pair go down to the levels of 106.46–105.56.
Scenario
Timeframe Weekly
Recommendation BUY
Entry Point 109.22
Take Profit 110.50, 111.00
Stop Loss 108.20
Key Levels 105.56, 106.46, 107.86, 110.50, 111.00
Alternative scenario
Recommendation SELL STOP
Entry Point 107.80
Take Profit 106.46, 105.56
Stop Loss 108.40
Key Levels 105.56, 106.46, 107.86, 110.50, 111.00
On the 4-hour chart, the third wave iii develops within the first wave of the higher level 1 of (C). Now, the first wave of the lower level (i) of iii of 1 has formed, a local correction has ended as the wave (ii) of iii, and the development of the wave (iii) of iii has started. If the assumption is correct, the pair will grow to the levels of 110.50–111.00. In this scenario, critical stop loss level is 107.86.
Main scenario
Long positions will become relevant during the correction, above the level of 107.86 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 107.86 will let the pair go down to the levels of 106.46–105.56.
Scenario
Timeframe Weekly
Recommendation BUY
Entry Point 109.22
Take Profit 110.50, 111.00
Stop Loss 108.20
Key Levels 105.56, 106.46, 107.86, 110.50, 111.00
Alternative scenario
Recommendation SELL STOP
Entry Point 107.80
Take Profit 106.46, 105.56
Stop Loss 108.40
Key Levels 105.56, 106.46, 107.86, 110.50, 111.00
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