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USD/JPY: general review 21 May 2019, 14:14

USD/JPY: general review 21 May 2019, 14:14 Scenario Timeframe Weekly Recommendation BUY Entry Point 110.26 Take Prof...

Mar 13, 2019

JP Morgan Chase Co.: wave analysis 13 March 2019, 08:35


Scenario
Timeframe Weekly
Recommendation BUY
Entry Point 104.05
Take Profit 113.03, 119.50
Stop Loss 100.00
Key Levels 85.90, 91.53, 100.00, 113.03, 119.50
Alternative scenario
Recommendation SELL STOP
Entry Point 99.95
Take Profit 91.53, 85.90
Stop Loss 102.75
Key Levels 85.90, 91.53, 100.00, 113.03, 119.50
The price may grow.
On the 4-hour chart, a downward correction formed as the fourth wave of the higher level 4 of (3), and the development of the fifth wave 5 of (3) began. Now the third wave of the lower level (iii) of i of 5 is forming. If the assumption is correct, the price will grow to the levels of 113.03–119.50. In this scenario, critical stop loss level is 100.00.


Main scenario
Long positions will become relevant during the correction, above the level of 100.00 with the targets at 113.03–119.50. Implementation period: 7 days and more.
Alternative scenario
The breakout and the consolidation of the price below the level of 100.00 will let the price go down to the levels of 91.53–85.90.

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