USDJPY: Elliott wave analysis and forecast for 20.10.23 – 27.10.23


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

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Your email address will not be published.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 *