USD/JPY: Wave Analysis
| Scenario | |
|---|---|
| Time interval | Weekly |
| Recommendation | SELL |
| Entry point | 154.43 |
| Take Profit | 131.42, 124.30 |
| Stop Loss | 157.12 |
| Key levels | 124.30, 131.42, 157.12, 162.00, 170.00 |
| Alternative scenario | |
|---|---|
| Recommendation | BUY STOP |
| Entry point | 157.15 |
| Take Profit | 162.00, 170.00 |
| Stop Loss | 155.55 |
| Key levels | 124.30, 131.42, 157.12, 162.00, 170.00 |
The probability of descent remains.
On the daily chart, the third wave 3 of the upper level has completed and the correction is developing as the fourth wave 4. Currently, wave (A) of 4 is forming, within which the first wave 1 of (A) of the lower level has completed, a correction as the second wave 2 of (A) has formed and the third wave 3 of (A) has started. If the forecast is correct, the USD/JPY pair will decline to the area of 1131.42–124.30. The critical stop loss level in this scenario is 157.12.
The main scenario
Short positions are currently below 157.12 level with targets at 131.42–124.30. The timeframe for execution is: 7 days and more.
Alternative scenario
The breakout and consolidation of the price below the level of 157.12 will allow the trading instrument to continue its upward momentum towards the area of 162.00–170.00.
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