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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...

May 15, 2019

JP Morgan Chase Co.: wave analysis 15 May 2019, 09:55


Scenario
Timeframe Weekly
Recommendation BUY
Entry Point 110.29
Take Profit 122.50, 127.80
Stop Loss 98.14
Key Levels 85.90, 98.14, 122.50, 127.80
Alternative scenario
Recommendation SELL STOP
Entry Point 98.10
Take Profit 85.90
Stop Loss 102.20
Key Levels 85.90, 98.14, 122.50, 127.80
The price is in correction and may grow.
On the 4-hour chart, a downward correction ended as the fourth wave of the higher level 4 of (3), and the fifth wave 5 of (3) develops. Now the third wave of the lower level iii of 5 has formed, and a local correction is developing as the wave iv of 5. If the assumption is correct, after the end of correction, the price will grow to the levels of 122.50–127.80. In this scenario, critical stop loss level is 98.14.


Main scenario
Long positions will become relevant after the end of the correction, above the level of 98.14 with the targets at 122.50–127.80. Implementation period: 7 days and more.
Alternative scenario
The breakout and the consolidation of the price below the level of 98.14 will let the price go down to the level of 85.90.

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