Major Key Points to Consider
- Primary Scenario (Bullish) : Consider Buy positions from corrections above the level of 155 with a target of 159 – 162. A Buy signal: the price holds above 155. Stop Loss: below 155 Take Profit: 159 – 162.
- Alternative Scenario (Bearish): Breakout and consolidation below the level of 152.850 will allow the pair to continue decline to the levels of 152.250 – 151.500. A Sell signal: the level of 152.850 is broken to the downside. Stop Loss: above 153.850, Take Profit: 152 – 149
Technical Indicators
Trend: Short-term Downtrend within a long-term Bullish Uptrend
Support Levels: 151.5 – 152.150
Resistance Levels: 154 – 154.750
Momentum: Bullish on daily timeframe
Elliott Wave Analysis
On A Weekly Chart : On the Weekly Chart of USD/JPY the larger wave ((3)) has Been Formed . A Downward Correction of Same Degree has been completed as Wave ((4)). Now the Price is moving in the final Larger move of same degree as wave ((5)). Within This Larger wave, The Smaller degree wave (1) is developing.Â
On A Daily Chart : On Daily chart of USD/JPY, The wave 1 and wave 2 has been completed of smaller degree within this large wave (1) and now the Price movement is in the wave 3 of Wave (1). Within this large wave 3, Price is moving in wave ((iii)) as its part and former wave as ((i)) and ((ii)) has been completed already.
On A 4-Hours Chart : Within the large wave ((iii)), the smaller wave (i), (ii), (iii) and (iv) has been completed and now price is moving in the final wave (v) of large wave ((iii)) of 3.Â
If this Presumption is correct then USD/JPY may continue to Rise to the Price levels of 159 – 162.
USD/JPY : Current Rate in the Market
The content of this article reflects the author’s opinion and does not necessarily reflect the official position of Webmile | Markets [A propriety of SingleDot Technologies]. The material published on this page is provided for informational purposes only and should not be considered as the provision of investment advice. According to copyright law, this article is considered intellectual property, which includes a prohibition on copying and distributing it without consent.
This forecast is based on the Elliott Wave Theory. When developing trading strategies, it is essential to consider fundamental factors, as the market situation can change at any time.
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