USDJPY: Elliott wave analysis and forecast for 19.05.23 – 26.05.23 | LiteFinance

Main scenario: consider short positions from corrections below the level of 142.50 with a target of 127.38 – 121.66 once a correction is completed.

Alternative scenario: breakout and consolidation above the level of 142.50 will allow the pair to continue rising to the levels of 146.00 – 151.90.

Analysis: an ascending third wave of larger degree (3) is formed on the daily chart, and a descending correction presumably continues developing as the fourth wave (4). A corrective wave B of (4) is presumably nearing completion on the H4 chart, with wave с of В developing as its part. Apparently, the fifth wave of smaller degree (v) of c is developing on the H1 chart. After its completion, if this assumption is correct, the pair will continue to fall to 127.38 – 121.66. The level of 142.50 is critical in this scenario as a breakout will enable the pair to continue rising to the levels of 146.00 – 151.90.

Price chart of USDJPY in real time mode

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