.jpg)
Main scenario: consider long positions from corrections above the level of 153.45 with a target of 161.50 – 167.00.
Alternative scenario: breakout and consolidation below the level of 153.45 will allow the pair to continue declining to the levels of 146.44 – 140.13
Analysis: an ascending wave of larger degree C continues forming on the daily chart, with fifth wave (5) of C unfolding as its part. The third wave 3 of (5) is unfolding on the H4 time frame, with first wave of smaller degree i of 3 and corrective second wave ii of 3 completed as its parts, and wave iii of 3 continuing forming. Apparently, a local corrective wave (iv) of iii is formed on the H1 time frame, and wave (v) of iii is currently unfolding, with wave iii of (v) developing as its part. If the presumption is correct, the USDJPY pair will continue to rise to the levels of 161.50 – 167.00. The level of 153.45 is critical in this scenario as a breakout will allow the pair to continue falling to the levels of 146.44 – 140.13.
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.
