USD/JPY: wave analysis
12 July 2022, 15:53
| Scenario | |
|---|---|
| Timeframe | Weekly |
| Recommendation | BUY |
| Entry Point | 137.28 |
| Take Profit | 139.50, 142.00 |
| Stop Loss | 136.55 |
| Key Levels | 125.72, 129.95, 134.69, 139.50, 142.00 |
| Alternative scenario | |
|---|---|
| Recommendation | SELL STOP |
| Entry Point | 134.65 |
| Take Profit | 129.95, 125.72 |
| Stop Loss | 136.20 |
| Key Levels | 125.72, 129.95, 134.69, 139.50, 142.00 |
The pair may grow.
On the daily chart, the first wave of the higher level (1) develops, within which the wave 3 of (1) forms. Now, the third wave of the lower level iii of 3 is developing, within which the wave (v) of iii is forming. If the assumption is correct, the USD/JPY pair will grow to the levels of 139.50–142.00. In this scenario, critical stop loss level is 134.69.
Main scenario
Long positions will become relevant during the correction, above the level of 134.69 with the targets at 139.50–142.00. Implementation period: 7 days and more.
Alternative scenario
The breakdown and the consolidation of the price below the level of 134.69 will let the asset go down to the levels of 129.95–125.72.
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