USD/JPY: wave analysis

USD/JPY: wave analysis



The pair may grow.

On the 4-hour chart, a downward correction of the higher level developed as the wave 2 of (C), and the formation of the third wave 3 of (C) began. Now the first wave of the lower level i of 3 is developing, within which the wave (v) of i is forming. If the assumption is correct, the pair will grow to the levels of 111.42–113.67. In this scenario, critical stop loss level is 109.65.

Main scenario

Long positions will become relevant during the correction, above the level of 109.65 with the targets at 111.42–113.67. Implementation period: 5–7 days.

Alternative scenario

The breakdown and the consolidation of the price below the level of 109.65 will let the pair go down to the levels of 107.73–106.20.

Scenario

Timeframe Weekly
Recommendation BUY
Entry Point 110.55
Take Profit 111.42, 113.67
Stop Loss 109.70
Key Levels 106.20, 107.73, 109.65, 111.42, 113.67

Alternative scenario

Recommendation SELL STOP
Entry Point 109.60
Take Profit 107.73, 106.20
Stop Loss 110.20
Key Levels 106.20, 107.73, 109.65, 111.42, 113.67

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