USDJPY: Elliott wave analysis and forecast for 02.07.21 – 09.07.21
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
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