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USD/JPY: wave analysis


Scenario
Timeframe Weekly
Recommendation SELL
Entry Point 111.00
Take Profit 109.40
Stop Loss 111.70
Key Levels 109.40, 111.92, 112.80
Alternative scenario
Recommendation BUY STOP
Entry Point 112.00
Take Profit 112.80
Stop Loss 111.40
Key Levels 109.40, 111.92, 112.80

The pair can lower.
The downward correction ii of C, within which the zigzag (a)(b)(c) is developing, is forming. Locally the wave (с), within which the first wave of the lower level i of (c) has formed, is developing. If the assumption is correct, the pair will lower to the level of 109.50 after the end of the correction ii. The level of 111.92 is critical for this scenario.


Trading scenario
Sell the pair from the correction below the level of 111.92 with the target at 109.40.
Alternative scenario
The breakout and the consolidation of the price above the level of 111.92 will let the pair to grow to the level of 112.80.

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