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USDJPY: Elliott wave analysis and forecast for 02.07.21 – 09.07.21

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Main scenario: consider long positions from corrections above the level of 110.37 with a target of 113.50 – 115.00.

Alternative scenario: breakout and consolidation below the level of 110.37 will allow the pair to continue declining to the levels of 107.42 – 106.75.

Analysis: Presumably, a descending correction of a larger degree finished forming as wave B, and wave С started developing, with the first wave (1) of С forming inside. In the H4 timeframe, there is forming the third wave of a smaller degree 3 of (1), with wave i of 3 formed, a downside correction completed as wave ii of 3, and wave iii of 3 developing inside. Apparently, wave (iii) of iii is forming in the H1 time frame. If this assumption is correct, the pair will continue to rise to  113.50 – 115.00. The level of 110.37 is critical in this scenario as the breakout will enable the pair to continue declining to the levels of 107.42 – 106.75.



     

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 LiteForex. 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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