USDJPY: Elliott wave analysis and forecast for 02.08.24 – 09.08.24

The article covers the following subjects:

Highlights and key points

  • Main scenario: consider long positions from corrections above the level of 140.92 with a growth target of 165.00 – 170.00. A buy signal: after a breakout above 140.92. Stop Loss: below 140.00, Take Profit: 165.00 – 170.00.
  • Alternative scenario: breakout and consolidation below the level of 140.92 will allow the pair to continue declining to the levels of 129.34 – 121.00. A sell signal: after the level of 140.92 is broken to the downside. Stop Loss: above 142.00, Take Profit: 129.34 – 121.00.

Main scenario

Consider long positions above the level of 140.92 with a target of 165.00 – 170.00 once a correction is formed. 

Alternative scenario

Breakout and consolidation below the level of 140.92 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 developing as the fourth wave 4 of (5). Wave с of 4 is developing on the H1 chart. If this assumption is correct, the USDJPY pair will continue to grow in wave 5 of (5) to 165.00 – 170.00 once wave с of 4 stops forming. The level of 140.92 is critical in this scenario as a breakout will enable the pair to continue falling 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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