USDJPY: Elliott wave analysis and forecast for 13.09.24 – 20.09.24

The article covers the following subjects:

Highlights and key points

  • Main scenario: consider short positions from corrections below the level of 149.34 with a bearish target of 131.25 – 123.97. A sell signal: if the price holds below 149.34. Stop Loss: above 150.50, Take Profit: 131.25 – 123.97.
  • Alternative scenario: breakout and consolidation above the level of 149.34 will allow the pair to continue rising to the levels of 155.22 – 161.75. A buy signal: once the level of 149.34 is broken to the upside. Stop Loss: below 148.00, Take Profit: 155.22 – 161.75.

Main scenario

Consider short positions from corrections below the level of 149.34 with a target of 131.25 – 123.97.

Alternative scenario

Breakout and consolidation above the level of 149.34 will allow the pair to continue rising to the levels of 155.22 – 161.75. 

Analysis

An ascending wave of larger degree 3 has presumably finished developing on the weekly chart, with wave (5) of 3 formed as its part. A bearish correction has started developing as the fourth wave of larger degree 4 on the daily chart, with wave (А) of 4 forming as its part. Apparently, wave 1 of А and a local corrective wave 2 of А are formed on the H4 time frame, and wave 3 of A is unfolding at the moment. If the presumption is correct, the USDJPY pair will continue declining to the levels of 131.25 – 123.97. The level of 149.34 is critical in this scenario as a breakout will enable the pair to continue rising to the levels of 155.22 – 161.75.



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 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.

Rate this article:

{{value}} ( {{count}} {{title}} )

This post is originally published on LITEFINANCE.

  • Related Posts

    XAUUSD: Elliott Wave Analysis and Forecast for 22.11.24 – 29.11.24

    The article covers the following subjects: Major Takeaways Main scenario: Consider short positions from corrections below the level of 2792.90 with a target of 2418.82 – 2304.21. A sell signal:…

    WTI Crude Oil: Elliott Wave Analysis and Forecast for 22.11.24 – 29.11.24

    The article covers the following subjects: Major Takeaways Main scenario: Consider short positions from corrections below the level of 72.50 with a target of 61.50 – 53.60. A sell signal:…

    Leave a Reply

    Your email address will not be published. Required fields are marked *

    You Missed

    Trump expected to pick Brooke Rollins to be agriculture secretary, WSJ reports

    • November 23, 2024
    Trump expected to pick Brooke Rollins to be agriculture secretary, WSJ reports

    Forex Account Management: Pros, Cons, and Expert Tips

    • November 23, 2024
    Forex Account Management: Pros, Cons, and Expert Tips

    DXY Dominance: We Called It! The Bullish Breakout Everyone Saw Coming (If They Followed Us) 💪📈

    • November 23, 2024
    DXY Dominance: We Called It! The Bullish Breakout Everyone Saw Coming (If They Followed Us) 💪📈

    EUR/USD: The Fall of the Titans and What Lies Ahead! 💥📉

    • November 23, 2024
    EUR/USD: The Fall of the Titans and What Lies Ahead! 💥📉

    Citi simulates an increase of global oil prices to $120/bbl. Here’s what happens

    • November 23, 2024
    Citi simulates an increase of global oil prices to $120/bbl. Here’s what happens

    Citi simulates an increase of global oil prices to $120/bbl. Here’s what happens

    • November 23, 2024
    Citi simulates an increase of global oil prices to $120/bbl. Here’s what happens