USD/JPY: WAVE ANALYSIS
| Scenario | |
|---|---|
| Timeframe | Weekly |
| Recommendation | BUY |
| Entry Point | 144.82 |
| Take Profit | 157.05, 162.08 |
| Stop Loss | 143.21 |
| Key Levels | 130.00, 136.91, 143.20, 157.05, 162.08 |
| Alternative scenario | |
|---|---|
| Recommendation | SELL STOP |
| Entry Point | 143.20 |
| Take Profit | 136.91, 130.00 |
| Stop Loss | 145.30 |
| Key Levels | 130.00, 136.91, 143.20, 157.05, 162.08 |
Growth is possible.
On the daily chart, the fifth wave of the higher level (5) of C develops, within which the wave 3 of (5) formed, a correction ended as the wave 4 of (5), and the wave 5 of (5) started. Now, the first wave of the lower level i of 5 is developing, within which the wave (i) of i has ended, and a correction has formed as the wave (ii) of i. If the assumption is correct, the USD/JPY pair will grow to the area of 157.05–162.08. In this scenario, critical stop loss level is 143.21.
Main scenario
Long positions will become relevant above the level of 143.21 with the targets at 157.05–162.08. Implementation period: 7 days and more.
Alternative scenario
A breakout and the consolidation of the price below the level of 143.21 will let the asset go down to the area of 136.91–130.00.
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