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USD/JPY: upward momentum maintains 20 September 2019, 14:15

USD/JPY: upward momentum maintains 20 September 2019, 14:15 Scenario Timeframe Weekly Recommendation BUY Entry Point 1...

Sep 13, 2019

American Express Co.: wave analysis 13 September 2019, 09:46


Scenario
Timeframe Weekly
Recommendation BUY
Entry Point 119.06
Take Profit 122.75, 124.31
Stop Loss 116.07
Key Levels 104.51, 109.24, 116.07, 122.75, 124.31
Alternative scenario
Recommendation SELL STOP
Entry Point 116.00
Take Profit 109.24, 104.51
Stop Loss 118.25
Key Levels 104.51, 109.24, 116.07, 122.75, 124.31
The price is in a correction and may grow.
On the 4-hour chart, the wave A of the higher level developed, within which the wave 5 of (5) formed. Now, the development of a downward correction of the higher level as the wave B has begun, within which the first wave of the lower level i of 1 of (A) of B has formed as a widening diagonal, and the local correction ii of 1 of (A) is developing. If the assumption is correct, in the short term, the price will grow to the levels of 122.75–124.31. In this scenario, critical stop loss level is 116.07.


Main scenario
Long positions will become relevant during the correction, above the level of 116.07 with the targets at 122.75–124.31. Implementation period: 5–7 days.
Alternative scenario
The breakout and the consolidation of the price below the level of 116.07 will let the price grow to the levels of 109.24–104.51.

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