FX:USDJPY   U.S. Dollar / Japanese Yen
The pair can grow.

On the 4-hour chart, the downward momentum has formed as a wave C within the correction of the higher level (B). Now the first wave of the lower level i of 1 of (C) is forming. If the assumption is correct, the pair will grow to the levels of 108.40–109.60. The level of 105.66 is critical for this scenario.

Main scenario

Long positions will become relevant during the correction, above the level of 105.66 with the targets at 108.40–109.60.

Alternative scenario

The breakdown and the consolidation of the price below the level of 105.66 will let the pair go down to the level of 104.58.

Scenario
Timeframe Weekly
Recommendation BUY
Entry Point 106.86
Take Profit 108.40, 109.60
Stop Loss 106.25
Key Levels 104.58, 105.66, 108.40, 109.60
Alternative scenario
Recommendation SELL STOP
Entry Point 105.60
Take Profit 104.58
Stop Loss 106.20
Key Levels 104.58, 105.66, 108.40, 109.60
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