FX:USDJPY   U.S. Dollar / Japanese Yen
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The pair can grow.

On the 4-hour chart, the downward momentum has formed as a wave C within the correction of the higher level (B). Now the first wave of the lower level i of 1 of (C) has formed as a wedge , and the local correction is developing as a wave ii of 1, taking the shape of a flat. If the assumption is correct, after the end of the correction, the pair will grow to the levels of 109.60–110.80. The level of 104.58 is critical for this scenario.

Main scenario

Long positions will become relevant after the end of the correction above the level of 104.58 with the targets at 109.60–110.80.

Alternative scenario

The breakdown and the consolidation of the price below the level of 104.58 will let the pair go down to the levels of 103.00–102.00.

Scenario
Timeframe Weekly
Recommendation BUY
Entry Point 107.56
Take Profit 109.60, 110.80
Stop Loss 106.90
Key Levels 102.00, 103.00, 104.58, 109.60, 110.80
Alternative scenario
Recommendation SELL STOP
Entry Point 104.50
Take Profit 103.00, 102.00
Stop Loss 105.10
Key Levels 102.00, 103.00, 104.58, 109.60, 110.80

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