USD/JPY: wave analysis
09 July 2019, 09:23
| Scenario | |
|---|---|
| Timeframe | Weekly |
| Recommendation | BUY |
| Entry Point | 108.77 |
| Take Profit | 109.94, 110.67 |
| Stop Loss | 107.75 |
| Key Levels | 106.00, 106.85, 107.48, 109.94, 110.67 |
| Alternative scenario | |
|---|---|
| Recommendation | SELL STOP |
| Entry Point | 107.40 |
| Take Profit | 106.85, 106.00 |
| Stop Loss | 107.70 |
| Key Levels | 106.00, 106.85, 107.48, 109.94, 110.67 |
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 formation of the third wave iii of 3 has begun, within which the first wave of the lower level (i) of iii is developing. If the assumption is correct, the pair will grow to the levels of 109.94–110.67. In this scenario, critical stop loss level is 107.48.
Main scenario
Long positions will become relevant during the correction, above the level of 107.48 with the targets at 109.94–110.67. Implementation period: 7 days and more.
Alternative scenario
The breakout and the consolidation of the price below the level of 107.48 will let the pair go down to the levels of 106.85–106.00.
On the 4-hour chart, a downward correction developed as the wave ii of 3 shaped as a zigzag. Now, the formation of the third wave iii of 3 has begun, within which the first wave of the lower level (i) of iii is developing. If the assumption is correct, the pair will grow to the levels of 109.94–110.67. In this scenario, critical stop loss level is 107.48.
Main scenario
Long positions will become relevant during the correction, above the level of 107.48 with the targets at 109.94–110.67. Implementation period: 7 days and more.
Alternative scenario
The breakout and the consolidation of the price below the level of 107.48 will let the pair go down to the levels of 106.85–106.00.
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