Main scenario: consider long positions from corrections above the level of 143.48 with a target of 150.00 – 152.00.
Alternative scenario: breakout and consolidation below the level of 143.48 will allow the pair to continue declining to the levels of 140.32 – 137.14.
Analysis: the upward third wave of larger degree (3) continues developing on the daily chart, with waves 3 of (3) and 4 of (3) formed as its part. The fifth wave 5 of (3) is developing on the H4 chart, with wave v of 5 forming inside. On the H1 chart, apparently, the first wave of smaller degree (i) of v is formed, a local correction developed as the second wave (ii) of v, and the third wave (iii) of v is developing. If the presumption is correct, the pair will continue to rise to the levels of 150.00 – 152.00. The level of 143.48 is critical in this scenario as a breakout will enable the pair to continue declining to the levels of 140.32 – 137.14.
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.
