USD/JPY Elliott Wave: Key Waves & Trade Opportunities

USDJPY USD/JPY Elliott Wave: Key Waves & Trade Opportunities
Elliott Wave Analysis for USD/JPY
Identified Elliott Wave Patterns:
Primary Wave Degree:

Wave 1: Begins at the low around January 9, 2025, and peaks around January 16, 2025.

Wave 2: Corrective wave from January 16, 2025, to January 20, 2025.

Wave 3: Impulsive wave from January 20, 2025, to January 23, 2025.

Wave 4: Corrective wave from January 23, 2025, to the current price level (February 1, 2025).

Wave 5: Expected future impulsive wave from the current price level.

Intermediate Wave Degree:

Wave A: Corrective wave from January 27, 2025, to February 1, 2025.

Wave B: Impulsive wave from February 1, 2025, to February 3, 2025.

Wave C: Corrective wave from February 3, 2025, to February 5, 2025.

Minor Wave Degree:

Wave i: Begins at the low around February 5, 2025, and peaks around February 7, 2025.

Wave ii: Corrective wave from February 7, 2025, to February 9, 2025.

Wave iii: Impulsive wave from February 9, 2025, to February 11, 2025.

Wave iv: Corrective wave from February 11, 2025, to February 13, 2025.

Wave v: Impulsive wave from February 13, 2025, to February 15, 2025.

Potential Future Price Movements:
Based on the identified Elliott Wave patterns, the price is currently in a corrective phase (Wave 4 of the primary degree). The next potential movement could be an impulsive Wave 5, which is typically the strongest and longest wave in the Elliott Wave sequence.

Trade Recommendations:
Long Position:
Entry Point: Around 155.644 (current price level).

Stop-Loss: 154.969 (below the recent low).

Take-Profit: 158.082 (target level based on Fibonacci retracement).

Risk to Reward Ratio: 1:2.

Short Position:
Entry Point: Around 158.082 (Fibonacci 0.618 level).

Stop-Loss: 158.874 (above the recent high).

Take-Profit: 155.644 (current price level).

Risk to Reward Ratio: 1:2.

Specific Price Levels:
Here are the key Fibonacci levels and support/resistance levels:

Fibonacci Levels:

0.382: 156.820

0.5: 156.364

0.618: 155.908

0.705: 155.624

0.786: 155.339

Resistance Levels:

158.082

157.876

157.670

157.464

Support Levels:

156.974

156.774

156.465

156.110

155.654

155.295

155.058

154.841

154.525