USD/JPY: wave analysis
10 June 2019, 09:25
| Scenario | |
|---|---|
| Timeframe | Weekly |
| Recommendation | BUY |
| Entry Point | 108.63 |
| Take Profit | 110.68, 112.40 |
| Stop Loss | 107.80 |
| Key Levels | 107.10, 107.80, 110.68, 112.40 |
| Alternative scenario | |
|---|---|
| Recommendation | SELL STOP |
| Entry Point | 107.70 |
| Take Profit | 107.10 |
| Stop Loss | 108.00 |
| Key Levels | 107.10, 107.80, 110.68, 112.40 |
The pair may grow.
On the 4-hour chart, a downward correction developed as the wave ii of 3 shaped as a zigzag. Now, the ending wave (c) of ii has formed as a momentum, and the development of the third wave iii of 3 is beginning. If the assumption is correct, the pair will grow to the levels of 110.68–112.40. In this scenario, critical stop loss level is 107.80.
Main scenario
Long positions will become relevant during the correction, above the level of 107.80 with the targets at 110.68–112.40. Implementation period: 7 days and more.
Alternative scenario
The breakout and the consolidation of the price below the level of 107.80 will let the pair go down to the level of 107.10.
On the 4-hour chart, a downward correction developed as the wave ii of 3 shaped as a zigzag. Now, the ending wave (c) of ii has formed as a momentum, and the development of the third wave iii of 3 is beginning. If the assumption is correct, the pair will grow to the levels of 110.68–112.40. In this scenario, critical stop loss level is 107.80.
Main scenario
Long positions will become relevant during the correction, above the level of 107.80 with the targets at 110.68–112.40. Implementation period: 7 days and more.
Alternative scenario
The breakout and the consolidation of the price below the level of 107.80 will let the pair go down to the level of 107.10.
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