USD/JPY: wave analysis
08 May 2018, 09:31
| Scenario | |
|---|---|
| Timeframe | Weekly |
| Recommendation | BUY |
| Entry Point | 108.94 |
| Take Profit | 110.82, 112.07 |
| Stop Loss | 108.64 |
| Key Levels | 106.90, 108.64, 110.82, 112.07 |
| Alternative scenario | |
|---|---|
| Recommendation | SELL STOP |
| Entry Point | 108.55 |
| Take Profit | 106.90 |
| Stop Loss | 109.10 |
| Key Levels | 106.90, 108.64, 110.82, 112.07 |
The trend is upward.
On the 4-hour chart, the upward momentum is forming as a first wave 1 of (C) of the higher level. Now the third wave of the lower level iii of 1 is developing, within which the local correction (iv) of iii has ended. If the assumption is correct, the pair will grow to the levels of 110.82–112.07. The level of 108.64 is critical and stop-loss for this scenario.
Main scenario
Long positions will become relevant above the level of 108.64 with the targets at 110.82–112.07. Implementation period: 5–7 days.
Alternative scenario
The breakdown and the consolidation of the price below the level of 108.64 will let the pair go down to the level of 106.90.
On the 4-hour chart, the upward momentum is forming as a first wave 1 of (C) of the higher level. Now the third wave of the lower level iii of 1 is developing, within which the local correction (iv) of iii has ended. If the assumption is correct, the pair will grow to the levels of 110.82–112.07. The level of 108.64 is critical and stop-loss for this scenario.
Main scenario
Long positions will become relevant above the level of 108.64 with the targets at 110.82–112.07. Implementation period: 5–7 days.
Alternative scenario
The breakdown and the consolidation of the price below the level of 108.64 will let the pair go down to the level of 106.90.
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