USDJPY: Elliott wave analysis and forecast for 10.03.2023 – 17.03.2023

Main scenario: consider long positions from corrections above the level of 133.88 with a target of 142.43 – 145.74. 

Alternative scenario: breakout and consolidation below the level of 133.88 will allow the pair to continue declining to the levels of 129.83 – 127.06. 

Analysis: an ascending third wave of larger degree (3) is formed on the daily chart, and a descending correction developed as the fourth wave (4), supposedly. On the H4 chart, an upward fifth wave (5) has presumably started forming, with wave 1 of (5) developing inside. Apparently, the third wave of smaller degree iii of 1 is formed on the H1 chart, and a local correction is developing as the fourth wave iv of 1. If the presumption is correct, the pair will continue to rise to the levels of 142.43 – 145.74. The level of 133.88 is critical in this scenario as a breakout will enable the pair to continue declining to the levels of 129.83 – 127.06.

Price chart of USDJPY in real time mode

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