USD/JPY: wave analysis
The pair is in a correction, a fall is possible.
On the 4-hour chart, the third wave of the higher level 3 of (C) develops, within which the wave i of 3 formed. Now, a local correction is developing as the wave ii of 3, within which the wave (a) of ii of the lower level has formed, and a local correction has ended as the wave (b) of ii. If the assumption is correct, the pair will fall within the wave (c) of ii to the levels of 108.42–107.50. In this scenario, critical stop loss level is 110.69.
Main scenario
Short positions will become relevant during the correction, below the level of 110.69 with the targets at 108.42–107.50. Implementation period: 5–7 days.
Alternative scenario
The breakout and the consolidation of the price above the level of 110.69 will let the pair grow to the levels of 112.40–114.44.
Scenario
Timeframe Weekly
Recommendation SELL
Entry Point 109.50
Take Profit 108.42, 107.50
Stop Loss 110.10
Key Levels 107.50, 108.42, 110.69, 112.40, 114.44
Alternative scenario
Recommendation BUY STOP
Entry Point 110.75
Take Profit 112.40, 114.44
Stop Loss 110.15
Key Levels 107.50, 108.42, 110.69, 112.40, 114.44
On the 4-hour chart, the third wave of the higher level 3 of (C) develops, within which the wave i of 3 formed. Now, a local correction is developing as the wave ii of 3, within which the wave (a) of ii of the lower level has formed, and a local correction has ended as the wave (b) of ii. If the assumption is correct, the pair will fall within the wave (c) of ii to the levels of 108.42–107.50. In this scenario, critical stop loss level is 110.69.
Main scenario
Short positions will become relevant during the correction, below the level of 110.69 with the targets at 108.42–107.50. Implementation period: 5–7 days.
Alternative scenario
The breakout and the consolidation of the price above the level of 110.69 will let the pair grow to the levels of 112.40–114.44.
Scenario
Timeframe Weekly
Recommendation SELL
Entry Point 109.50
Take Profit 108.42, 107.50
Stop Loss 110.10
Key Levels 107.50, 108.42, 110.69, 112.40, 114.44
Alternative scenario
Recommendation BUY STOP
Entry Point 110.75
Take Profit 112.40, 114.44
Stop Loss 110.15
Key Levels 107.50, 108.42, 110.69, 112.40, 114.44
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