USDJPY: Elliott wave analysis and forecast for 04.02.2022 – 11.02.2022

Main scenario: consider long positions from corrections above the level of 113.46 with a target of 117.00 – 119.00. 

Alternative scenario: breakout and consolidation below the level of 113.46 will allow the pair to continue declining to the levels of 112.48 – 110.81. 

Analysis: an ascending wave of larger degree C has presumably started forming on the daily chart, with the third wave 3 of (1) of С unfolding as its part. On the H4 chart, there's wave iii of 3 forming, with a local correction completed as wave (iv) of iii and wave (v) of iii developing inside. A… Read full author’s opinion and review in blog of #LiteForex