USD/JPY: wave analysis
12 December 2018, 10:00
| Scenario | |
|---|---|
| Timeframe | Weekly |
| Recommendation | SELL |
| Entry Point | 113.40 |
| Take Profit | 111.82, 111.35 |
| Stop Loss | 114.02 |
| Key Levels | 111.35, 111.82, 114.02, 115.50 |
| Alternative scenario | |
|---|---|
| Recommendation | BUY STOP |
| Entry Point | 114.10 |
| Take Profit | 115.50 |
| Stop Loss | 113.50 |
| Key Levels | 111.35, 111.82, 114.02, 115.50 |
The probability of downward movement is still strong.
On the H4 chart, the downward correction of the higher level is developing as a wave 2 of (C). On the lower level the wave c of 2 is being formed, within which the correctional wave (iv) of c has been completed. If the assumption is true, the pair will continue to decline to the levels of 111.82–111.35. The critical level for this scenario is 114.02.
Main scenario
Short positions will become relevant below the level of 114.02 with a target in the range of 111.82–111.35. Implementation period: 7+ days.
Alternative scenario
The breakout and the consolidation of the price above the level of 114.02 will allow the pair to grow to the level of 115.50.
On the H4 chart, the downward correction of the higher level is developing as a wave 2 of (C). On the lower level the wave c of 2 is being formed, within which the correctional wave (iv) of c has been completed. If the assumption is true, the pair will continue to decline to the levels of 111.82–111.35. The critical level for this scenario is 114.02.
Main scenario
Short positions will become relevant below the level of 114.02 with a target in the range of 111.82–111.35. Implementation period: 7+ days.
Alternative scenario
The breakout and the consolidation of the price above the level of 114.02 will allow the pair to grow to the level of 115.50.
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