USD/JPY: wave analysis

The pair may grow.

On the daily chart, the wave (C) of the higher level is developing, as part of which the first wave 1 of (C) is formed. At the moment, the formation of wave iii of 1 has begun, as part of which the first wave of the lower level (i) of iii has formed. If the assumption is right, the growth of the pair may continue to the levels of 111.00–112.35 after the correction (ii) of iii is complete. The level of 108.62 is critical and stop loss for this scenario.

Main scenario

Long positions are relevant after the correction is completed above the level of 108.62 with targets at 111.00–112.35. Implementation time: 7 days and more.

Alternative scenario

Breaking down the level of 108.62 and consolidation below it will allow the pair to continue reduction to the levels of 107.64–107.06.

Scenario

  • Timeframe

    Weekly

  • Recommendation

    BUY

  • Entry Point

    109.92

  • Take Profit

    111.00, 112.35

  • Stop Loss

    109.30

  • Key Levels

    107.06, 107.64, 108.62, 111.00, 112.35

Alternative scenario

  • Timeframe

    Weekly

  • Recommendation

    SELL STOP

  • Entry Point

    108.60

  • Take Profit

    107.64, 107.06

  • Stop Loss

    108.90

  • Key Levels

    107.06, 107.64, 108.62, 111.00, 112.35

Tifia trading account

Open

USD/JPY forecast for today.