USDJPY: Elliott wave analysis and forecast for 27.01.23 – 03.02.23


Main scenario: consider short positions of corrections below the level of 132.76 with a target of 125.35 – 121.52.

Alternative scenario: break and consolidation above the level of 132.76 will allow the pair to continue to rise to the levels of 134.92 – 138.24.

Analysis: the upward third wave of greater degree (3) ended up developing on the daily chart, with wave 5 of (3) forming as its part. A downward correction seems to continue to develop as the fourth wave (4) on the H4 chart, with wave C of (4) forming as its part. On the H1 chart, the third wave of lesser degree iii of C appears to continue to form, with a local correction completed as wave (iv) of iii of C. Wave (v) of iii of C has begun to develop. If this assumption is correct, the pair will continue to fall to 125.35 – 121.52. The level of 132.76 is critical in this scenario because a break will allow the pair to continue growing to the levels of 134.92 – 138.24.

USDJPY price chart in real time mode

The content of this article reflects the opinion of the author and does not necessarily reflect the official position of LiteFinance. The material published on this page is provided for information 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}})



Please enter your comment!
Please enter your name here