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). Now the formation of the wave 3 of (C) is beginning, within which the first wave of the lower level (i) of i of 3 has formed. If the assumption is correct, the pair will grow to the levels of 113.00–114.00. In this scenario, critical stop loss level is 104.46.
Main scenario
Long positions will become relevant during the correction, above the level of 104.46 with the targets at 113.00–114.00. Implementation period: 7 days and more.
Alternative scenario
The breakdown and the consolidation of the price below the level of 104.46 will let the pair go down to the level of 103.00 and below.
Scenario
Timeframe Weekly
Recommendation BUY
Entry Point 108.13
Take Profit 113.00, 114.00
Stop Loss 104.46
Key Levels 103.00, 104.46, 113.00, 114.00
Alternative scenario
Recommendation SELL STOP
Entry Point 104.40
Take Profit 103.00
Stop Loss 104.85
Key Levels 103.00, 104.46, 113.00, 114.00
On the 4-hour chart, a downward correction of the higher level developed as the wave 2 of (C). Now the formation of the wave 3 of (C) is beginning, within which the first wave of the lower level (i) of i of 3 has formed. If the assumption is correct, the pair will grow to the levels of 113.00–114.00. In this scenario, critical stop loss level is 104.46.
Main scenario
Long positions will become relevant during the correction, above the level of 104.46 with the targets at 113.00–114.00. Implementation period: 7 days and more.
Alternative scenario
The breakdown and the consolidation of the price below the level of 104.46 will let the pair go down to the level of 103.00 and below.
Scenario
Timeframe Weekly
Recommendation BUY
Entry Point 108.13
Take Profit 113.00, 114.00
Stop Loss 104.46
Key Levels 103.00, 104.46, 113.00, 114.00
Alternative scenario
Recommendation SELL STOP
Entry Point 104.40
Take Profit 103.00
Stop Loss 104.85
Key Levels 103.00, 104.46, 113.00, 114.00
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