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USDJPY: Elliott wave analysis and forecast for 02.12.22 – 09.12.22

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Main scenario: consider short positions from corrections below the level of 139.90 with a target of 133.16 – 127.32.

Alternative scenario:breakout and consolidation above the level of 139.90 will allow the pair to continue rising to the levels of 143.75 – 145.74.

Analysis: a bullish third wave of larger degree (3) presumably finished developing on the daily chart, with wave 5 of (3) formed inside. A downside correction started developing as the fourth wave (4) on the H4 chart, with wave А of (4) continuing forming inside. Apparently, the fifth wave of smaller degree v of A is forming on the H1 chart, with wave (iii) of v developing as its part. If the presumption is correct, the pair will continue to drop to the levels of 133.16 – 127.32. The level of 139.90 is critical in this scenario as a breakout will enable the pair to continue growing to the levels of 143.75 – 145.74.



Price chart of USDJPY in real time mode

The content of this article reflects the author’s opinion and does not necessarily reflect the official position of LiteFinance. The material published on this page is provided for informational purposes only and should not be considered as the provision of investment advice for the purposes of Directive 2004/39/EC.

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