The trend is upward.
On the 4-hour chart the wave C of the higher level, within which the formation of the wave 3 of C has begun, is developing. Now the first wave of the lower level i of 3, within which the wave (iii) is forming, is developing. If the assumption is correct, the pair will grow to the levels of 114.50–114.95. The level of 111.98 is critical for this scenario.
Main scenario
Long positions will become relevant during the correction, above the level of 111.98 with the targets at 114.50–114.95.
Alternative scenario
The breakdown and the consolidation of the price below the level of 111.98 will let the pair go down to the level of 110.16.
US Dollar vs Japanese Yen
Buy Sell Spread
113.49 113.467 23
Scenario
Timeframe Weekly
Recommendations BUY
Entry Point 113.42
Take Profit 114.50, 114.95
Stop Loss 112.80
Support levels 110.16, 111.98, 114.50, 114.95
Alternative scenario
Recommendations SELL STOP
Entry Point 111.90
Take Profit 110.16
Stop Loss 112.50
Support levels 110.16, 111.98, 114.50, 114.95
On the 4-hour chart the wave C of the higher level, within which the formation of the wave 3 of C has begun, is developing. Now the first wave of the lower level i of 3, within which the wave (iii) is forming, is developing. If the assumption is correct, the pair will grow to the levels of 114.50–114.95. The level of 111.98 is critical for this scenario.
Main scenario
Long positions will become relevant during the correction, above the level of 111.98 with the targets at 114.50–114.95.
Alternative scenario
The breakdown and the consolidation of the price below the level of 111.98 will let the pair go down to the level of 110.16.
US Dollar vs Japanese Yen
Buy Sell Spread
113.49 113.467 23
Scenario
Timeframe Weekly
Recommendations BUY
Entry Point 113.42
Take Profit 114.50, 114.95
Stop Loss 112.80
Support levels 110.16, 111.98, 114.50, 114.95
Alternative scenario
Recommendations SELL STOP
Entry Point 111.90
Take Profit 110.16
Stop Loss 112.50
Support levels 110.16, 111.98, 114.50, 114.95