USD/JPY: wave analysis
06 December 2019, 11:04
| Scenario | |
|---|---|
| Timeframe | Weekly |
| Recommendation | BUY |
| Entry Point | 108.68 |
| Take Profit | 109.76, 110.50 |
| Stop Loss | 108.26 |
| Key Levels | 106.95, 107.55, 108.26, 109.76, 110.50 |
| Alternative scenario | |
|---|---|
| Recommendation | SELL STOP |
| Entry Point | 108.20 |
| Take Profit | 107.55, 106.95 |
| Stop Loss | 108.50 |
| Key Levels | 106.95, 107.55, 108.26, 109.76, 110.50 |
The pair may grow.
On the 4-hour chart, the wave (C) of the higher level forms, within which the first wave 1 of (C) develops. Now, the development of the third wave of the lower level iii of 1 has started, within which the local correction (ii) of iii has formed. If the assumption is correct, the pair will grow to the levels of 109.76–110.50. In this scenario, critical stop loss level is 108.26.
Main scenario
Long positions will become relevant during the correction, above the level of 108.26 with the targets at 109.76–110.50. Implementation period: 7 days and more.
Alternative scenario
The breakout and the consolidation of the price below the level of 108.26 will let the pair go down to the levels of 107.55–106.95.
On the 4-hour chart, the wave (C) of the higher level forms, within which the first wave 1 of (C) develops. Now, the development of the third wave of the lower level iii of 1 has started, within which the local correction (ii) of iii has formed. If the assumption is correct, the pair will grow to the levels of 109.76–110.50. In this scenario, critical stop loss level is 108.26.
Main scenario
Long positions will become relevant during the correction, above the level of 108.26 with the targets at 109.76–110.50. Implementation period: 7 days and more.
Alternative scenario
The breakout and the consolidation of the price below the level of 108.26 will let the pair go down to the levels of 107.55–106.95.
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