USD/JPY: wave analysis
31 May 2019, 09:16
| Scenario | |
|---|---|
| Timeframe | Weekly |
| Recommendation | SELL |
| Entry Point | 108.87 |
| Take Profit | 108.42, 107.50 |
| Stop Loss | 109.25 |
| Key Levels | 107.50, 108.42, 109.93, 112.40, 114.44 |
| Alternative scenario | |
|---|---|
| Recommendation | BUY STOP |
| Entry Point | 110.00 |
| Take Profit | 112.40, 114.44 |
| Stop Loss | 109.20 |
| Key Levels | 107.50, 108.42, 109.93, 112.40, 114.44 |
The pair may fall.
On the 4-hour chart, a downward correction develops as the wave ii of 3 shaped as a zigzag. Now, the ending wave (c) of ii is developing, within which the development of the third wave of the lower level iii of (c) has begun. If the assumption is correct, the pair will fall to the levels of 108.42–107.50. In this scenario, critical stop loss level is 109.93.
Main scenario
Short positions will become relevant during the correction, below the level of 109.93 with the targets at 108.42–107.50. Implementation period: 5–7 days.
Alternative scenario
The breakout and the consolidation of the price above the level of 109.93 will let the pair grow to the levels of 112.40–114.44.
On the 4-hour chart, a downward correction develops as the wave ii of 3 shaped as a zigzag. Now, the ending wave (c) of ii is developing, within which the development of the third wave of the lower level iii of (c) has begun. If the assumption is correct, the pair will fall to the levels of 108.42–107.50. In this scenario, critical stop loss level is 109.93.
Main scenario
Short positions will become relevant during the correction, below the level of 109.93 with the targets at 108.42–107.50. Implementation period: 5–7 days.
Alternative scenario
The breakout and the consolidation of the price above the level of 109.93 will let the pair grow to the levels of 112.40–114.44.
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