USD/JPY: wave analysis
09 April 2018, 09:37
| Scenario | |
|---|---|
| Timeframe | Weekly |
| Recommendation | BUY |
| Entry Point | 107.09 |
| Take Profit | 108.40, 109.60 |
| Stop Loss | 106.50 |
| Key Levels | 104.58, 105.66, 108.40, 109.60 |
| Alternative scenario | |
|---|---|
| Recommendation | SELL STOP |
| Entry Point | 105.60 |
| Take Profit | 104.58 |
| Stop Loss | 106.20 |
| Key Levels | 104.58, 105.66, 108.40, 109.60 |
The pair can grow.
On the 4-hour chart, the downward momentum has formed as a wave C within the correction of the higher level (B). Now the first wave of the lower level i of 1 within the wave (C) is forming. If the assumption is correct, the pair will grow to the levels of 108.40–109.60. The level of 105.66 is critical for this scenario.
Main scenario
Long positions will become relevant during the correction, above the level of 105.66 with the targets at 108.40–109.60.
Alternative scenario
The breakdown and the consolidation of the price below the level of 105.66 will let the pair go down to the level of 104.58.
On the 4-hour chart, the downward momentum has formed as a wave C within the correction of the higher level (B). Now the first wave of the lower level i of 1 within the wave (C) is forming. If the assumption is correct, the pair will grow to the levels of 108.40–109.60. The level of 105.66 is critical for this scenario.
Main scenario
Long positions will become relevant during the correction, above the level of 105.66 with the targets at 108.40–109.60.
Alternative scenario
The breakdown and the consolidation of the price below the level of 105.66 will let the pair go down to the level of 104.58.
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