Technical Analytics Report

USDJPY: Elliott wave analysis and forecast

 

Main scenario: consider long positions from corrections above the level of 102.58 with a target of 105.31 – 106.17.

 

Alternative scenario: breakout and consolidation below the level of 102.58 will allow the pair to continue declining to the levels of 101.74 – 100.00.

 

Analysis: Daily time frame: presumably, a correction of larger degree is completed in the form of wave (B). Wave (С) has started to form, with the third wave 3 of (C) developing inside. On the H4 time frame, the third wave of smaller degree iii of 3 finished forming, and an ascending correction started developing as the fourth wave iv of 3. Apparently, wave (а) of iv is developing on the H1 time frame. If this assumption is correct, the pair will continue to rise to 105.31 – 106.17. The level of 102.58 is critical in this scenario, as the breakout will enable the pair to continue declining to the levels of 101.74 – 100.00.

USDJPY current rate in the Forex market:

 

USDJPY = 103.962

 

Sell: 103.953

Buy: 103.962

Mood: 73.2%

1-day change: 0.17 (0.179%)

 

Main scenario: consider long positions from corrections above the level of 1861.48 with a target of 2016.08 – 2073.73.

 

Alternative scenario: breakout and consolidation below the level of 1861.48 will allow the pair to continue declining to the levels of 1760.88 – 1718.57.

 

Analysis: Presumably, the ascending third wave of larger degree (3) formed and a descending correction developed as wave (4) on the daily time frame. H4 time frame: apparently, the fifth wave (5) has started forming, with wave 1 of (5) formed inside. On the H1 time frame, a local correction 2 of (5) is developing as wave 2 of (5), with wave a of 2 forming inside. If the presumption is correct, after correction, the pair will continue to rise to the levels of 2016.08 – 2073.73. The level of 1861.48 is critical in this scenario as its breakout will enable the pair to continue declining to the levels of 1760.88 – 1718.57.

 

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