USD/JPY: Wave Analysis: 22/06/2018 – 29/06/2018
Mayzus | Jun 22, 2018 09:37AM ET
The USD/JPY pair is under correction, still likely to fall. Estimated pivot point is at a level of 110.75.
Main scenario: short positions will be relevant from corrections below the level of 110.75 with a target of 109.21 – 108.81.
Alternative scenario: Breakout and consolidation above the level of 110.75 will allow the pair to continue rising to a level of 111.40 and higher.
Analysis: Supposedly, the wave B of senior level is developing within the daily timeframe, with the wave (C) of B starting to develop inside. In the 4-hour time frame, a counter-trend impetus is formed as wave 1 of (C), a correction wave 2 of (C) is completed and the first wave of junior level i of 3 is formed. A downward correction is developing as wave ii of 3 in the form of plane (a)(b)(c). If this presumption is correct, the pair will continue to fall to 109.20 – 108.80. The level 110.75 is critical in this scenario.
Get The News You Want
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.