USD/JPY: WAVE ANALYSIS
| Scenario | |
|---|---|
| Time period | Weekly |
| Recommendation | BUY |
| Entry point | 156.30 |
| Take Profit | 165.00, 170.00 |
| Stop Loss | 151.41 |
| Key level | 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 level | 140.45, 145.74, 151.41, 165.00, 170.00 |
Prices are being corrected and may rise.
On the daily chart, the third wave of higher levels (3) ended, a downward correction formed during the fourth wave (4), and the fifth wave (5) developed, where wave 3 of (5) ended. Now, the local correction is developing as the fourth wave of the lower level 4 of (5), where wave a of 4 has formed, and wave b of 4 is developing. If this assumption is correct, after the correction wave 4 of (5) the USD/JPY pair will grow to the 165.00–170.00 area. In this scenario, the critical stop loss level is 151.41.
Main scenario
Long positions will become relevant above the level of 151.41 with the target at 165.00–170.00. Implementation period: 7 days or more.
Alternative scenario
Breakout and price consolidation below level 151.41 will let the asset fall to the area 145.74–140.45.
Disclaimer: The content above represents only the views of the author or guest. It does not represent any views or positions of FOLLOWME and does not mean that FOLLOWME agrees with its statement or description, nor does it constitute any investment advice. For all actions taken by visitors based on information provided by the FOLLOWME community, the community does not assume any form of liability unless otherwise expressly promised in writing.
FOLLOWME Trading Community Website: https://www.followme.com
Hot
No comment on record. Start new comment.