USDJPY: Elliott wave analysis and forecast for 07.06.24 – 14.06.24

June 7, 2024 1:13 pm

Main scenario: consider long positions from corrections above the level of 154.37 with a target of 161.50 – 167.00.

Alternative scenario: breakout and consolidation below the level of 154.37 will allow the pair to continue declining to the levels of 151.68 – 146.44.

Analysis: the ascending fifth wave of larger degree (5) of C continues forming on the daily chart, with third wave 3 of (5) unfolding as its part. The first wave of smaller degree i of 3 and corrective second wave ii of 3 are completed on the H4 time frame, and wave iii of 3 continuing forming. Apparently, wave (v) of iii is unfolding on the H1 time frame, with wave iii of (v) developing as its part. If the presumption is correct, the USDJPY pair will continue to rise to the levels of 161.50 – 167.00. The level of 154.37 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

MoneyMaker FX EA Trading Robot