.jpg)
Main scenario: consider long positions from corrections above the level of 149.73 with a target of 155.00 – 160.00.
Alternative scenario: breakout and consolidation below the level of 149.73 will allow the pair to continue declining to the levels of 148.43 – 147.70.
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 he H4 time frame, with first wave of smaller degree i of 3 and corrective second wave ii of 3 completed as its parts. Apparently, wave iii of 3 is developing on the H1 time frame, with local correction forming as wave (ii) of iii within. If the presumption is correct, the USDJPY pair will continue to rise to the levels of 155.00 – 160.00 upon correction. The level of 149.73 is critical in this scenario as a breakout will enable the pair to continue falling to the levels of 148.43 – 147.70.
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.
