Main scenario: consider long positions from corrections above the level of 157.50 with a target of 165.00 – 170.00.
Alternative scenario: breakout and consolidation below the level of 157.50 will allow the pair to continue declining to the levels of 151.68 – 146.44.
Analysis: the ascending fifth wave of larger degree (5) of C continues forming on the daily chart, with the third wave 3 of (5) unfolding as its part. The first wave of smaller degree i of 3 and the corrective second wave ii of 3 are completed on the H4 time frame, and wave iii of 3 is forming. Apparently, wave (v) of iii is unfolding on the H1 time frame, with wave iii of (v) continuing developing as its part. If the presumption is correct, the USDJPY pair will continue to rise to the levels of 165.00 – 170.00. The level of 157.50 is critical in this scenario as a breakout will allow the pair to continue falling to the levels of 151.68 – 146.44.
Price chart of USDJPY in real time mode
The content of this article reflects the author’s opinion and does not necessarily reflect the official position of LiteFinance. The material published on this page is provided for informational purposes only and should not be considered as the provision of investment advice for the purposes of Directive 2004/39/EC.
{{value}} ( {{count}} {{title}} )
This post is originally published on LITEFINANCE.
