USD/JPY: wave analysis
06 September 2018, 09:44
| Scenario | |
|---|---|
| Timeframe | Weekly |
| Recommendation | BUY |
| Entry Point | 111.39 |
| Take Profit | 113.22, 115.00 |
| Stop Loss | 109.74 |
| Key Levels | 108.09, 109.74, 113.22, 115.00 |
| Alternative scenario | |
|---|---|
| Recommendation | SELL STOP |
| Entry Point | 109.70 |
| Take Profit | 108.09 |
| Stop Loss | 110.30 |
| Key Levels | 108.09, 109.74, 113.22, 115.00 |
The pair can grow.
On the 4-hour chart, the correction of the higher level formed as a wave 2 of (C), taking a shape of an irregular flat. Now the development of the third wave 3 of C has begun, within which the first entry wave of the lower level (i) of I has formed, and the local correction is developing as a wave (ii) of i. If the assumption is correct, after the end of the correction the pair will grow to the levels of 113.22–115.00. In this scenario, critical stop loss level is 109.74.
Main scenario
Long positions will become relevant after the end of the correction, above the level of 109.74 with the targets at 113.22–115.00. Implementation period: 7 days and more.
Alternative scenario
The breakdown and the consolidation of the price below the level of 109.74 will let the pair go down to the level of 108.09.
On the 4-hour chart, the correction of the higher level formed as a wave 2 of (C), taking a shape of an irregular flat. Now the development of the third wave 3 of C has begun, within which the first entry wave of the lower level (i) of I has formed, and the local correction is developing as a wave (ii) of i. If the assumption is correct, after the end of the correction the pair will grow to the levels of 113.22–115.00. In this scenario, critical stop loss level is 109.74.
Main scenario
Long positions will become relevant after the end of the correction, above the level of 109.74 with the targets at 113.22–115.00. Implementation period: 7 days and more.
Alternative scenario
The breakdown and the consolidation of the price below the level of 109.74 will let the pair go down to the level of 108.09.
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