USDJPY: Elliott wave analysis and forecast for 15.09.23 – 22.09.23 | LiteFinance

Main scenario: consider long positions from corrections above the level of 145.83 with a target of 151.50 – 155.00. 

Alternative scenario: breakout and consolidation below the level of 145.83 will allow the pair to continue declining to the levels of 141.77 – 138.17. 

Analysis: an ascending wave of larger degree C continues forming on the daily chart, with the fifth wave (5) of C unfolding as its part. On the H4 chart, there’s wave 3 of (5) forming, with wave v of 3 developing as its part. Apparently, the fifth wave of smaller degree (v) of v of 3 is developing in the H1 time frame, with wave iii of (v) forming as its part. If the presumption is correct, the pair will continue to rise to the levels of 151.50 – 155.00. The level of 145.83 is critical in this scenario as a breakout will enable the pair to continue declining to the levels of 141.77 – 138.17.

Price chart of USDJPY in real time mode

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