USD/JPY: wave analysis
13 August 2018, 09:45
| Scenario | |
|---|---|
| Timeframe | Weekly |
| Recommendation | SELL |
| Entry Point | 110.32 |
| Take Profit | 108.58, 108.15 |
| Stop Loss | 112.14 |
| Key Levels | 108.15, 108.58, 112.14, 113.22 |
| Alternative scenario | |
|---|---|
| Recommendation | BUY STOP |
| Entry Point | 112.20 |
| Take Profit | 113.22 |
| Stop Loss | 111.86 |
| Key Levels | 108.15, 108.58, 112.14, 113.22 |
The correction continues, the pair can decrease.
On the 4-hour chart, the correction of the higher level forms as a wave 2 of (C), taking a shape of an irregular flat. Now the wave c of 2 is forming, within which the third wave of the lower level the wave (iii) of c is developing. If the assumption is correct, the pair will fall to the levels of 108.58–108.15. The level of 112.14 is critical and stop loss for this scenario.
Main scenario
Short positions will become relevant during the correction, below the level of 112.14 with the targets at 108.58–108.15. Implementation period: 5–7 days.
Alternative scenario
The breakout and the consolidation of the price above the level of 112.14 will let the pair grow to the level of 113.22.
On the 4-hour chart, the correction of the higher level forms as a wave 2 of (C), taking a shape of an irregular flat. Now the wave c of 2 is forming, within which the third wave of the lower level the wave (iii) of c is developing. If the assumption is correct, the pair will fall to the levels of 108.58–108.15. The level of 112.14 is critical and stop loss for this scenario.
Main scenario
Short positions will become relevant during the correction, below the level of 112.14 with the targets at 108.58–108.15. Implementation period: 5–7 days.
Alternative scenario
The breakout and the consolidation of the price above the level of 112.14 will let the pair grow to the level of 113.22.
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