USD/JPY: wave analysis
| Scenario | |
|---|---|
| Timeframe | Weekly |
| Recommendation | SELL |
| Entry Point | 148.60 |
| Take Profit | 131.42, 124.30 |
| Stop Loss | 154.63 |
| Key Levels | 124.30, 131.42, 154.63, 162.00, 170.00 |
| Alternative scenario | |
|---|---|
| Recommendation | BUY STOP |
| Entry Point | 154.65 |
| Take Profit | 162.00, 170.00 |
| Stop Loss | 152.20 |
| Key Levels | 124.30, 131.42, 154.63, 162.00, 170.00 |
The price is in a correction, a fall is possible.
On the daily chart, the third wave of the higher level 3 ended, and a correction develops as the fourth wave 4. Now, the wave (A) of 4 is forming, within which the first wave of the lower level 1 of (А) has formed, and a correction is ending as the second wave 2 of (A). If the assumption is correct, the USD/JPY pair will fall to the area of 131.42–124.30. In this scenario, critical stop loss level is 154.63.
Main scenario
Short positions will become relevant below the level of 154.63 with the targets at 131.42–124.30. Implementation period: 7 days and more.
Alternative scenario
A breakout and the consolidation of the price above the level of 154.63 will let the asset grow to the area of 162.00–170.00.
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