USD/JPY: Elliott wave analysis and forecast for 01.10.21 – 08.10.21
Main scenario: consider long positions after a correction above the level of 109.07 with a target of 113.50 – 115.00.
Alternative scenario: breakout and consolidation below the level of 109.07 will allow the pair to continue declining to the levels of 108.18 – 107.16.
Analysis: Daily chart: apparently, a descending correction of larger degree finished forming as wave B, and wave С started developing, with the first wave (1) of С forming inside. The third wave of smaller degree 3 of (1) continues developing on the H4 chart, with wave i of 3 formed and a downside correction formed as wave ii of 3 inside. On the H1 chart, supposedly, wave iii of 3 started developing with wave (i) of iii formed inside. If the presumption is correct, then after wave local correction (ii) of iii is formed, the pair will continue to rise to the levels of 113.50 – 115.00. The level of 109.07 is critical in this scenario as a breakout will enable the pair to continue declining to the levels of 108.18 – 107.16.
Price chart of USDJPY in real time mode
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