Major Key Points to Consider
- Primary Scenario (Bearish) : Consider short positions from corrections below the level of 156.5 with a target of 151.5 – 150.5. A sell signal: the price holds below 156.5. Stop Loss: above 156.5, Take Profit: 151.5 – 150.5.
- Alternative Scenario (Bullish): Breakout and consolidation above the level of 157.200 will allow the price to continue rising to the levels of 162.50 – 165.50. A buy signal: the level of 157.2 is broken to the upside. Stop Loss: below 157.2, Take Profit: 162.50 – 165.50.
Technical Indicators
Trend: Short-term Downtrend within a long-term Bullish Uptrend
Support Levels: 154 – 153
Resistance Levels: 155.5 – 156.5
Momentum: Bearish 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 (1), short waves 1,2 and 3 has been completed. Â
On A Daily Chart : On Daily chart of USD/JPY, The wave 1, 2 and wave 3 has been completed of smaller degree. Now the price is unfolding the wave 4 of (1).
On A 4-Hours Chart : Within the large wave 4, short wave ((a)) has been completed and now price is unfolding the correction wave ((b)).
If the presumption is correct, the USD/JPY pair will continue to drop to the levels of 151 – 150. The level of 157.88 is critical in this scenario as a breakout above it will enable the pair to continue rising to the levels of 162.00 – 165.00.
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.
Expert Elliott Wave Analysis
We Help to identifies impulsive and corrective phases, helping traders predict price movements. By recognizing these natural market cycles, traders can identify trends, reversals, and ideal entry points, improving their trading precision and overall decision-making across different financial markets.
Select the Market
