USDJPY: Elliott wave analysis and forecast for 06.01.23 – 13.01.23
Main scenario: consider long positions from corrections above the level of 129.40 with a target of 138.24 – 140.57. Alternative scenario: breakout and consolidation below the level of 129.40 will allow the pair to continue declining to the levels of 127.32 – 121.39. Analysis: the upward third wave of larger degree (3) finished developing on the daily chart, with wave 5 of (3) formed as its part. A descending correction appears to have formed as the fourth wave (4) on the H4 chart, with wave C of (4) completed inside. Apparently, the fifth wave (5) started developing on the H1... Read full author’s opinion and review in blog of #LiteFinance
Main scenario: consider long positions from corrections above the level of 129.40 with a target of 138.24 – 140.57.
Alternative scenario: breakout and consolidation below the level of 129.40 will allow the pair to continue declining to the levels of 127.32 – 121.39.
Analysis: the upward third wave of larger degree (3) finished developing on the daily chart, with wave 5 of (3) formed as its part. A descending correction appears to have formed as the fourth wave (4) on the H4 chart, with wave C of (4) completed inside. Apparently, the fifth wave (5) started developing on the H1... Read full author’s opinion and review in blog of #LiteFinance
