USD/JPY: Elliott wave analysis and forecast for 05.07.24 – 12.07.24

July 5, 2024 2:51 pm

The article covers the following subjects:

Key takeaways

  • Main scenario: consider long positions from a correction above the level of 154.51 with a target of 165.00 – 170.00. A buy signal: after the level of 154.51 is broken. Stop Loss: 153.00, Take Profit: 170.00.
  • Alternative scenario: breakout and consolidation below the level of 154.51 will allow the pair to continue declining to the levels of 151.68 – 146.44. A sell signal: after the level of 154.51 is broken. Stop Loss: 156.00, Take Profit: 146.44.

Main scenario

Consider long positions from a correction above the level of 154.51 with a target of 165.00 – 170.00.

Alternative scenario

Breakout and consolidation below the level of 154.51 will allow the pair to continue declining to the levels of 151.68 – 146.44.

Analysis

The upward fifth wave of larger degree (5) of C continues developing on the daily chart, with the third wave 3 of (5) forming as its part. The first wave of smaller degree i of 3 has formed, a correction finished developing as the second wave ii of 3, and wave iii of 3 is unfolding on the H4 time frame. Wave (v) of iii is developing on the H1 chart, within which wave iii of (v) has formed and a local correction presumably started unfolding as wave iv of (v). If the presumption is correct, the USD/JPY will continue to rise to the levels of 165.00 – 170.00 after the correction ends. The level of 154.51 is critical in this scenario as a breakout will allow the pair to continue falling to the levels of 151.68 – 146.44.



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}} )

Feed from Litefinance.com

MoneyMaker FX EA Trading Robot