USD/JPY: wave analysis
The pair can grow.
On the 4-hour chart, the correction of the higher level formed as a wave 2 of (C), taken a shape of an irregular flat. Now the development of the third wave 3 of C has begun, within which the first entry wave of the lower level (i) of I has formed, and the correction (ii) of I is ending. If the assumption is correct, the pair will grow to the levels of 113.22–115.00. In this scenario, critical stop loss level is 109.74.
Main scenario
Long positions will become relevant during the correction, above the level of 109.74 with the targets at 113.22–115.00. Implementation period: 7 days and more.
Alternative scenario
The breakdown and the consolidation of the price below the level of 109.74 will let the pair go down to the level of 108.09.
Trade
Scenario
Timeframe Weekly
Recommendation BUY
Entry Point 110.92
Take Profit 113.22, 115.00
Stop Loss 109.74
Key Levels 108.09, 109.74, 113.22, 115.00
Alternative scenario
Recommendation SELL STOP
Entry Point 109.70
Take Profit 108.09
Stop Loss 110.30
Key Levels 108.09, 109.74, 113.22, 115.00
On the 4-hour chart, the correction of the higher level formed as a wave 2 of (C), taken a shape of an irregular flat. Now the development of the third wave 3 of C has begun, within which the first entry wave of the lower level (i) of I has formed, and the correction (ii) of I is ending. If the assumption is correct, the pair will grow to the levels of 113.22–115.00. In this scenario, critical stop loss level is 109.74.
Main scenario
Long positions will become relevant during the correction, above the level of 109.74 with the targets at 113.22–115.00. Implementation period: 7 days and more.
Alternative scenario
The breakdown and the consolidation of the price below the level of 109.74 will let the pair go down to the level of 108.09.
Trade
Scenario
Timeframe Weekly
Recommendation BUY
Entry Point 110.92
Take Profit 113.22, 115.00
Stop Loss 109.74
Key Levels 108.09, 109.74, 113.22, 115.00
Alternative scenario
Recommendation SELL STOP
Entry Point 109.70
Take Profit 108.09
Stop Loss 110.30
Key Levels 108.09, 109.74, 113.22, 115.00
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