Wave analysis on USD/JPY for August 20, 2013
August 20, 2013 3:30 pmVideo
Latest News
- EUR/USD. August 31st. Bears temporarily retreated due to weak background August 31, 2023
- GBP/USD. August 31st. The pound was pleased with the weak data from America August 31, 2023
- Market Comment – Euro pulls back despite CPI beat as dollar braces for more US data August 31, 2023
- EUR/USD and GBP/USD: Technical analysis for August 31 August 31, 2023
- Trading plan for EUR/USD and GBP/USD on August 31 August 31, 2023
- USD/JPY: exhausted buyers August 31, 2023
- USD/ZAR: more gains above 18.738 August 31, 2023
- EUR/USD and GBP/USD: Trading plan for beginner traders on August 31, 2023 August 31, 2023
- Technical Analysis of Daily Price Movement of Nasdaq 100 Index, Thursday 31 August, 2023. August 31, 2023
- Technical Analysis of Daily Price Movement of GBP/AUD Cross Currency Pairs, Thursday 31 August, 2023 August 31, 2023
- Indicator analysis: Daily review of GBP/USD on August 31, 2023 August 31, 2023
- Video market update for August 31, 2023 August 31, 2023
- Indicator analysis: Daily review of EUR/USD on August 31, 2023 August 31, 2023
- GBP/USD trading plan for European session on August 31, 2023. COT report and overview of yesterday’s trades. The pound continues August 31, 2023
- Bitcoin Cash confirms its breakout August 31, 2023
- CAD/JPY: uptrend unharmed August 31, 2023
- GBP/USD. Overview for August 31st. The US labor market failed its second test August 31, 2023
- USD/JPY analysis for August 31, 2023 – Potential for the downside movement August 31, 2023
- Overview of the EUR/USD pair. August 31st. Inflation in the EU may further support the euro August 31, 2023
- Technical Analysis – WTI oil points to August’s high, but will the bulls show up? August 31, 2023
Wave analysis:
Yesterday’s low trading activity made the USD/JPY pair come back to the early trading level after testing the level of 98. Low price growth from its minimum level in the Thursday’s session may be considered as the currency pair’s attempts to form 5th wave in terms of uptrend, which started its development on August 8. Meanwhile, the possibility that the price may reverse to the lows of the early month cannot be rolled out at the current state of affairs.
Targets for down wave:
96.35 – 23.6% of Fibonacci
95.18 – 11.4% of Fibonacci
Targets for up wave:
98.90 – 50.0% of Fibonacci
100.04 – 61.8% of Fibonacci
Summary and trading recommendations:
The trading instrument greatly complicated the wave structure, which now looks rather indefinitely. The quotes rising may continue with the targets situated near the 98.90 and 100.04 levels that make, according to Fibonacci, 50.0% and 61.8%. Within the rising wave, there is a possibility of a new upward trend. The wave structure seems quite completed that proves the instrument readiness to create new uptrend section.
The material has been provided by InstaForex Company – www.instaforex.com
Related Posts: