USDJPY: Elliott wave analysis and forecast for 17.03.23 – 24.03.23
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Main scenario: consider long positions above the level of 129.71 with a target of 140.00 – 142.43 once a correction finishes.
Alternative scenario: breakout and consolidation below the level of 129.71 will allow the pair to continue declining to the levels of 127.06 – 125.00.
Analysis: an ascending third wave of larger degree (3) is formed on the daily chart, and a descending correction presumably developed as the fourth wave (4). On the H4 chart, an upward fifth wave (5) has presumably started forming, with wave 1 of (5) developing inside. Apparently, the third wave of smaller degree iii of 1 is formed on the H1 chart, and a local correction continues forming as the fourth wave iv of 1, with wave (c) of iv developing as its part. If the presumption is correct, the pair will continue to rise to the levels of 140.00 – 142.43 once the correction is over. The level of 129.71 is critical in this scenario as a breakout will enable the pair to continue declining to the levels of 127.06 – 125.00.
Price chart of USDJPY in real time mode
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