USDJPY: Elliott wave analysis and forecast for 23.08.24 – 30.08.24

The article covers the following subjects:

Highlights and key points

  • Main scenario: consider long positions from corrections above the level of 141.66 with a growth target of 165.00 – 170.00. A buy signal: after the price returns above 141.66. Stop Loss: below 140.50, Take Profit: 165.00 – 170.00.
  • Alternative scenario: breakout and consolidation below the level of 141.66 will allow the pair to continue declining to the levels of 129.34 – 121.00. A sell signal: after the level of 141.66 is broken to the downside. Stop Loss: above 143.00, Take Profit: 129.34 – 121.00.

Main scenario

Consider long positions from corrections above the level of 141.66 with a target of 165.00 – 170.00.

Alternative scenario

Breakout and consolidation below the level of 141.66 will allow the pair to continue declining to the levels of 129.34 – 121.00.

Analysis

An ascending wave of larger degree C continues forming on the daily chart, with the fifth wave (5) of С unfolding as its part. The third wave of smaller degree 3 of (5) is formed on the H4 chart, and a downside correction is completed as the fourth wave 4 of (5). The fifth wave 5 of (5) has started developing. On the H1 time frame, the wave i of 5 is unfolding, with the wave (ii) of i completed and the wave (iii) of I developing as its part. If this assumption is correct, the USDJPY pair will continue to rise to 165.00 – 170.00. The level of 141.66 is critical in this scenario as a breakout will enable the pair to continue declining to the levels of 129.34 – 121.00.



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 LiteFinance. 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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This post is originally published on LITEFINANCE.

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