USD/JPY: Elliott wave analysis and forecast for 11.10.24 – 18.10.24

The article covers the following subjects:

Highlights and key points

  • Main scenario: consider short positions from corrections below the level of 151.54 with a target of 131.25 – 123.97. A sell signal: if the price holds below 151.54. Stop Loss: above 152.30, Take Profit: 131.25 – 123.97.
  • Alternative scenario: breakout and consolidation above the level of 151.54 will allow the pair to continue rising to the levels of 153.88 – 156.74. A buy signal: once the level of 151.54 is broken to the upside. Stop Loss: below 150.80, Take Profit: 153.88 – 156.74.

Main scenario

Consider short positions from corrections below the level of 151.54 with a target of 131.25 – 123.97. 

Alternative scenario

Breakout and consolidation above the level of 151.54 will allow the pair to continue rising to the levels of 153.88 – 156.74. 

Analysis

The ascending wave of larger degree 3 has presumably finished developing on the daily chart, with wave (5) of 3 formed as its part. On the H4 chart, a descending correction is developing as the fourth wave of larger degree 4, within which wave (А) of 4 is formed. Apparently, a local correction is completed as wave (В) of 4 on the H1 chart, with wave С of (В) presumably formed as its part. If the presumption is correct, the USDJPY pair will continue to decline in wave (С) of 4 to the levels of 131.25 – 123.97. The level of 151.54 is critical in this scenario as a breakout will enable the pair to continue rising to the levels of 153.88 – 156.74.



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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