FX:USDJPY   U.S. Dollar / Japanese Yen
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The pair is in a correction, a fall is possible.

On the 4-hour chart, a downward correction develops as the wave ii of 3 shaped as a zigzag . Now, the wave (c) of ii is forming as a momentum, within which the fifth ending wave v of (c) of ii is developing. If the assumption is correct, the pair will fall to the level of 107.50. In this scenario, critical stop loss level is 108.80.

Main scenario

Short positions will become relevant during the correction, below the level of 108.80 with the target at 107.50. Implementation period: 5–7 days.

Alternative scenario

The breakout and the consolidation of the price above the level of 108.80 will let the pair grow to the levels of 110.67–112.40.

Scenario

Timeframe Weekly
Recommendation SELL
Entry Point 108.30
Take Profit 107.50
Stop Loss 108.80
Key Levels 107.50, 108.80, 110.67, 112.40

Alternative scenario

Recommendation BUY STOP
Entry Point 108.85
Take Profit 110.67, 112.40
Stop Loss 108.15
Key Levels 107.50, 108.80, 110.67, 112.40
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