USD/JPY: wave analysis on 22.05.2015

May 22, 2015

The pair is expected to decline.

Supposedly, the first counter-trend wave i of 5 has formed within the fifth wave of senior level. Apparently, a descending correction in a form of wave ii is developing locally. If the presumption is correct, after correction, the pair will continue to rise to the levels 122.00–123.00. The level of 118.84 is critical in this scenario as the breakout will enable the pair to continue declining to the levels 118.00–117.00.

Trading tips

In the short term: sell the pair below a level of 121.26 with a target at 120.16. In the medium term: wait for completion of correction and buy the pair above the level of 118.84 with targets at about 122.00–123.00.

Alternative scenario

Breakout and consolidation below the level of 118.84 will allow the pair to continue declining to the levels 118.00–117.00.

Publication source
LiteForex information  LiteForex reviews

February 23, 2017
FOMC meeting minutes signal rate hike fairly soon – dollar unimpressed
The minutes from the most recent FOMC meeting three weeks ago – the first such meeting since Donald Trump’s presidential inauguration – were released on Wednesday afternoon...
February 23, 2017
Political instability hits the Euro
The Euro plummeted to a 6-week low in today’s trading session before slightly recovering as predictions of political instability swept through the European Union on the back of upcoming elections due out in the upcoming months...
February 23, 2017
Gold prices remained under pressure
The precious metal traded mostly sideways on Wednesday. Tuesday’s recovery helped gold to reverse all its early losses. Buyers returned the spot to the 1240 hurdle where the pair XAU/USD stood still the first part of the day...

 FXTM Rating
Orbex Rating
FIBO Group Rating
OANDA Rating
FxPro Rating
XM Rating

OptionTrade Rating
Banc De Binary Rating
OptionRally Rating
Dragon Options Rating
Porter Finance Rating
24option Rating