USD/JPY: wave analysis
13 June 2019, 09:29
| Scenario | |
|---|---|
| Timeframe | Weekly |
| Recommendation | SELL |
| Entry Point | 108.30 |
| Take Profit | 107.50 |
| Stop Loss | 108.80 |
| Key Levels | 107.50, 108.80, 110.67, 112.40 |
| Alternative scenario | |
|---|---|
| Recommendation | BUY STOP |
| Entry Point | 108.85 |
| Take Profit | 110.67, 112.40 |
| Stop Loss | 108.15 |
| Key Levels | 107.50, 108.80, 110.67, 112.40 |
The pair is in a correction, a fall is possible.
On the 4-hour chart, a downward correction develops as the wave ii of 3 shaped as a zigzag. Now, the wave (c) of ii is forming as a momentum, within which the fifth ending wave v of (c) of ii is developing. If the assumption is correct, the pair will fall to the level of 107.50. In this scenario, critical stop loss level is 108.80.
Main scenario
Short positions will become relevant during the correction, below the level of 108.80 with the target at 107.50. Implementation period: 5–7 days.
Alternative scenario
The breakout and the consolidation of the price above the level of 108.80 will let the pair grow to the levels of 110.67–112.40.
On the 4-hour chart, a downward correction develops as the wave ii of 3 shaped as a zigzag. Now, the wave (c) of ii is forming as a momentum, within which the fifth ending wave v of (c) of ii is developing. If the assumption is correct, the pair will fall to the level of 107.50. In this scenario, critical stop loss level is 108.80.
Main scenario
Short positions will become relevant during the correction, below the level of 108.80 with the target at 107.50. Implementation period: 5–7 days.
Alternative scenario
The breakout and the consolidation of the price above the level of 108.80 will let the pair grow to the levels of 110.67–112.40.
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