Main scenario: consider long positions from corrections above the level of 149.15 with a target of 153.00 – 156.00.
Alternative scenario: breakout and consolidation below the level of 149.15 will allow the pair to continue declining to the levels of 147.14 – 144.36.
Analysis: an ascending wave of larger degree C continues forming on the daily chart, with the fifth wave (5) of C unfolding as its part. On the H4 chart, there’s wave 5 of (5) forming, with wave v of 5 developing as its part. H1 time frame: apparently, the first wave of smaller degree (i) of v of 5 is formed, a local correction is completed as second wave (ii) of v, and the third wave (iii) of v started unfolding. If the presumption is correct, the pair will continue to rise to the levels of 153.00 – 156.00. The level of 149.15 is critical in this scenario as a breakout will enable the pair to continue declining to the levels of 147.14 – 144.36.
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.
