USDJPY: Elliott wave analysis and forecast for 18.02.2022 – 25.02.2022

Main scenario: consider short positions from corrections below the level of 116.32 with a target of 112.90 – 111.92. 

Alternative scenario: breakout and consolidation above the level of 116.32 will allow the pair to continue rising to the levels of 117.80 – 119.00. 

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 formed and a local correction developing as the fourth wave iv of 3.

Apparently, a wave of smaller degree… Read full author’s opinion and review in blog of #LiteFinance