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USDJPY: Elliott wave analysis and forecast for 03.09.21 – 10.09.21


Main scenario: consider long positions from corrections above the level of 109.08 with a target of 113.50 – 115.00.

Alternative scenario: breakout and consolidation below the level of 109.08 will allow the pair to continue declining to the levels of 107.16 – 106.07.

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 completed as wave ii of 3 inside. Apparently, the third wave iii of 3 is developing on the H1 chart, with wave (iii) of iii forming inside, supposedly. If the presumption is correct, the pair will continue to rise to the levels of 113.50 – 115.00. The level of 109.08 is critical in this scenario as a breakout will enable the pair to continue declining to the levels of 107.16 – 106.07.



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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