USDJPY: Elliott wave analysis and forecast for 20.01.2023 – 27.01.2023


Main scenario: consider short positions from corrections below the level of 131.48 with a target of 125.35 – 121.52. 

Alternative scenario: breakout and consolidation above the level of 131.48 will allow the pair to continue rising to the levels of 134.92 – 138.24. 

Analysis: the upward third wave of larger degree (3) finished developing on the daily chart, with wave 5 of (3) formed as its part. A descending correction appears to continue developing as the fourth wave (4) on the H4 chart, with wave C of (4) forming as its part. The third wave of smaller degree iii of C appears to be developing on the H1 chart, with wave (v) of iii of C forming inside. If this assumption is correct, the pair will continue to drop to 125.35 – 121.52. The level of 131.48 is critical in this scenario as a breakout will enable the pair to continue growing to the levels of 134.92 – 138.24.



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.

Rate this article:

{{value}} ( {{count}} {{title}} )





Source link

Leave a Reply

Your email address will not be published. Required fields are marked *