USD/JPY: wave analysis
10 June 2020, 08:43
| Scenario | |
|---|---|
| Timeframe | Weekly |
| Recommendation | BUY |
| Entry Point | 107.55 |
| Take Profit | 110.75, 111.80 |
| Stop Loss | 107.06 |
| Key Levels | 105.96, 106.72, 107.06, 110.75, 111.80 |
| Alternative scenario | |
|---|---|
| Recommendation | SELL STOP |
| Entry Point | 107.00 |
| Take Profit | 106.72, 105.96 |
| Stop Loss | 107.20 |
| Key Levels | 105.96, 106.72, 107.06, 110.75, 111.80 |
The pair is in a correction and may grow.
On the 4-hour chart, the upward wave C of the higher level develops, within which the first wave 1 of (1) of C formed, a correction developed as the wave 2 of (1), and the formation of the wave 3 of (1) began. Now, the wave iii of 3 is developing, within which the wave (i) of iii has formed, and a correction is ending as the wave (ii) of iii. If the assumption is correct, the pair will grow to the levels of 110.75–111.80. In this scenario, critical stop loss level is 107.06.
Main scenario
Long positions will become relevant during the correction, above the level of 107.06 with the targets at 110.75–111.80. Implementation period: 7 days and more.
Alternative scenario
The breakout and the consolidation of the price below the level of 107.06 will let the pair go down to the levels of 106.72–105.96.
On the 4-hour chart, the upward wave C of the higher level develops, within which the first wave 1 of (1) of C formed, a correction developed as the wave 2 of (1), and the formation of the wave 3 of (1) began. Now, the wave iii of 3 is developing, within which the wave (i) of iii has formed, and a correction is ending as the wave (ii) of iii. If the assumption is correct, the pair will grow to the levels of 110.75–111.80. In this scenario, critical stop loss level is 107.06.
Main scenario
Long positions will become relevant during the correction, above the level of 107.06 with the targets at 110.75–111.80. Implementation period: 7 days and more.
Alternative scenario
The breakout and the consolidation of the price below the level of 107.06 will let the pair go down to the levels of 106.72–105.96.
No comments:
Write comments