USD/JPY: wave analysis
04 February 2019, 08:24
| Scenario | |
|---|---|
| Timeframe | Weekly |
| Recommendation | BUY |
| Entry Point | 109.75 |
| Take Profit | 110.80, 111.42 |
| Stop Loss | 108.75 |
| Key Levels | 104.50, 106.20, 108.47, 110.80, 111.42 |
| Alternative scenario | |
|---|---|
| Recommendation | SELL STOP |
| Entry Point | 108.40 |
| Take Profit | 106.20, 104.50 |
| Stop Loss | 109.15 |
| Key Levels | 104.50, 106.20, 108.47, 110.80, 111.42 |
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 correction has ended as the wave (iv) of i, and the wave (v) of i is developing. If the assumption is correct, the pair will grow to the levels of 110.80–111.42. In this scenario, critical stop loss level is 108.47.
Main scenario
Long positions will become relevant during the correction, above the level of 108.47 with the targets at 110.80–111.42. Implementation period: 7 days and more.
Alternative scenario
The breakdown and the consolidation of the price below the level of 108.47 will let the pair go down to the levels of 106.20–104.50.
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 correction has ended as the wave (iv) of i, and the wave (v) of i is developing. If the assumption is correct, the pair will grow to the levels of 110.80–111.42. In this scenario, critical stop loss level is 108.47.
Main scenario
Long positions will become relevant during the correction, above the level of 108.47 with the targets at 110.80–111.42. Implementation period: 7 days and more.
Alternative scenario
The breakdown and the consolidation of the price below the level of 108.47 will let the pair go down to the levels of 106.20–104.50.
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