USD/JPY: wave analysis
17 December 2018, 09:38
| 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 a decline is still strong.
On the H4 chart, the local downward correction of the senior level continues as a wave 2 of (C). At the moment, it is likely that a wave of c of 2 is being formed, within which the correctional wave of the junior level (iv) of c was completed. If the assumption is true, the pair will continue to decline to the levels of 111.82–111.35 within the framework of wave (v) of c. 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 enable the pair to grow to the level of 115.50.
On the H4 chart, the local downward correction of the senior level continues as a wave 2 of (C). At the moment, it is likely that a wave of c of 2 is being formed, within which the correctional wave of the junior level (iv) of c was completed. If the assumption is true, the pair will continue to decline to the levels of 111.82–111.35 within the framework of wave (v) of c. 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 enable the pair to grow to the level of 115.50.
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