USD/JPY: WAVE ANALYSIS
| Scenario | |
|---|---|
| Timeframe | Weekly |
| Recommendation | BUY |
| Entry Point | 144.85 |
| Take Profit | 146.50, 147.78 |
| Stop Loss | 142.25 |
| Key Levels | 136.80, 138.60, 142.85, 146.50, 147.78 |
| Alternative scenario | |
|---|---|
| Recommendation | SELL STOP |
| Entry Point | 142.80 |
| Take Profit | 138.60, 136.80 |
| Stop Loss | 144.20 |
| Key Levels | 136.80, 138.60, 142.85, 146.50, 147.78 |
The price is in a correction and may grow.
On the daily chart, the third wave of the higher level (3) ended, a downward correction formed as the fourth wave (4), and the fifth wave (5) develops. Now, the first wave of the lower level 1 of (5) has formed, and a local correction is developing as the second wave 2 of (5), within which the wave b of 2 is forming. If the assumption is correct, the USD/JPY pair will grow to the area of 146.50–147.78. In this scenario, critical stop loss level is 142.85.
Main scenario
Long positions will become relevant above the level of 142.85 with the targets at 146.50–147.78. Implementation period: 7 days and more.
Alternative scenario
A breakout and the consolidation of the price below the level of 142.85 will let the asset go down to the area of 138.60–136.80.
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