USD/JPY: WAVE ANALYSIS
| Scenario | |
|---|---|
| Timeframe | Weekly |
| Recommendation | SELL |
| Entry Point | 151.36 |
| Take Profit | 146.00, 142.45 |
| Stop Loss | 151.70 |
| Key Levels | 142.45, 146.00, 151.70, 153.00, 155.00 |
| Alternative scenario | |
|---|---|
| Recommendation | BUY STOP |
| Entry Point | 151.75 |
| Take Profit | 153.00, 155.00 |
| Stop Loss | 151.15 |
| Key Levels | 142.45, 146.00, 151.70, 153.00, 155.00 |
A fall is possible.
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. Now, the first wave of the lower level 1 of (5) has ended, and a local correction has started to develop as the second wave 2 of (5), within which the wave a of 2 is forming. If the assumption is correct, the USD/JPY pair will fall to the area of 146.00–142.45. In this scenario, critical stop loss level is 151.70.
Main scenario
Short positions will become relevant below the level of 151.70 with the targets at 146.00–142.45. Implementation period: 7 days and more.
Alternative scenario
A breakout and the consolidation of the price above the level of 151.70 will let the asset grow to the area of 153.00–155.00.
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