USDJPY: Elliott wave analysis and forecast for 02.12.22 – 09.12.22
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
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