USD/JPY: wave analysis
09 March 2021, 10:56
| Scenario | |
|---|---|
| Timeframe | Weekly |
| Recommendation | BUY |
| Entry Point | 109.17 |
| Take Profit | 110.80, 113.00 |
| Stop Loss | 108.55 |
| Key Levels | 102.58, 104.83, 106.68, 110.80, 113.00 |
| Alternative scenario | |
|---|---|
| Recommendation | SELL STOP |
| Entry Point | 106.65 |
| Take Profit | 104.83, 102.58 |
| Stop Loss | 107.25 |
| Key Levels | 102.58, 104.83, 106.68, 110.80, 113.00 |
The pair may grow.
On the daily chart, the first wave of the higher level (1) of C develops, within which the correctional wave 2 of (1) ended. Now, the third wave 3 of (1) is forming, within which the wave iii of 3 is developing. If the assumption is correct, the pair will grow to the levels of 110.80–113.00. In this scenario, critical stop loss level is 106.68.
Main scenario
Long positions will become relevant during the correction, above the level of 106.68 with the targets at 110.80–113.00. Implementation period: 7 days and more.
Alternative scenario
The breakdown and the consolidation of the price below the level of 106.68 will let the pair go down to the levels of 104.83–102.58.
No comments:
Write comments