Current Market Structure & Elliott Wave Count
Wave 3 Completed near 163.800 (Key Resistance)
Wave 4 Correction in Progress targeting 161.200 - 160.800
Potential Wave 5 Expansion toward 164.400+
Bullish Scenario (Wave 4 Completion & Wave 5 Start)
📌 Long Entry:
Buy at: 161.200 - 160.800
Stop Loss (SL): 160.500
Take Profit (TP1): 162.200
Take Profit (TP2): 163.800
Take Profit (TP3): 164.400
🎯 Probability: 75% (If price finds support above 161.200)
Bearish Scenario (Wave 4 Deeper Correction or Reversal)
📌 Short Entry:
Sell at: 163.800 - 164.400 (Wave 3 High Rejection)
Stop Loss (SL): 164.700
Take Profit (TP1): 162.800
Take Profit (TP2): 161.600
Take Profit (TP3): 160.800
🎯 Probability: 70% (If price rejects 163.800 resistance)
Final Thoughts & Risk Management
✅ Bias: Bullish above 161.200, Bearish below 160.800
✅ Risk/Reward Ratio: 1:3 for Both Scenarios
✅ Volatility Factor: Watch JPY Strength & Euro News Impact
Wave 3 Completed near 163.800 (Key Resistance)
Wave 4 Correction in Progress targeting 161.200 - 160.800
Potential Wave 5 Expansion toward 164.400+
Bullish Scenario (Wave 4 Completion & Wave 5 Start)
📌 Long Entry:
Buy at: 161.200 - 160.800
Stop Loss (SL): 160.500
Take Profit (TP1): 162.200
Take Profit (TP2): 163.800
Take Profit (TP3): 164.400
🎯 Probability: 75% (If price finds support above 161.200)
Bearish Scenario (Wave 4 Deeper Correction or Reversal)
📌 Short Entry:
Sell at: 163.800 - 164.400 (Wave 3 High Rejection)
Stop Loss (SL): 164.700
Take Profit (TP1): 162.800
Take Profit (TP2): 161.600
Take Profit (TP3): 160.800
🎯 Probability: 70% (If price rejects 163.800 resistance)
Final Thoughts & Risk Management
✅ Bias: Bullish above 161.200, Bearish below 160.800
✅ Risk/Reward Ratio: 1:3 for Both Scenarios
✅ Volatility Factor: Watch JPY Strength & Euro News Impact
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.