USD/JPY: WAVE ANALYSIS
| Scenario | |
|---|---|
| Timeframe | Weekly |
| Recommendation | BUY |
| Entry Point | 157.40 |
| Take Profit | 165.00, 170.00 |
| Stop Loss | 151.41 |
| Key Levels | 140.45, 145.74, 151.41, 165.00, 170.00 |
| Alternative scenario | |
|---|---|
| Recommendation | SELL STOP |
| Entry Point | 151.40 |
| Take Profit | 145.74, 140.45 |
| Stop Loss | 153.30 |
| Key Levels | 140.45, 145.74, 151.41, 165.00, 170.00 |
The price is in a correction and may grow.
On the daily chart, the third wave of the higher level (3) formed, a downward correction ended as the fourth wave (4), and the fifth wave (5) develops, within which the wave 3 of (5) ended. Now, a local correction is developing as the fourth wave of the lower level 4 of (5), within which the wave a of 4 has formed. If the assumption is correct, after the correctional wave 4 of (5), the USD/JPY pair will grow to the area of 165.00–170.00. In this scenario, critical stop loss level is 151.41.
Main scenario
Long positions will become relevant above the level of 151.41 with the targets at 165.00–170.00. Implementation period: 7 days and more.
Alternative scenario
A breakout and the consolidation of the price below the level of 151.41 will let the asset go down to the area of 145.74–140.45.
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