USDJPY: Elliott wave analysis and forecast for 20.10.23 – 27.10.23

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Main scenario: consider long positions from corrections above the level of 148.45 with a target of 152.50 – 155.00. 

Alternative scenario: breakout and consolidation below the level of 148.45 will allow the pair to continue declining to the levels of 144.36 – 142.18. 

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. The fifth wave of smaller degree (v) of v of 3 appears to continue developing on the H1 chart, with wave iii of (v) completed, a local correction formed as wave iv of (v), and wave v of (v) unfolding. If the presumption is correct, the pair will continue to rise to the levels of 152.50 – 155.00. The level of 148.45 is critical in this scenario as a breakout will enable the pair to continue declining to the levels of 144.36 – 142.18.



 

Price chart of USDJPY in real time mode

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