USDJPY: Elliott wave analysis and forecast for 04.08.23 – 11.08.23

Main scenario: consider short positions from corrections below the level of 143.92 with a target of 130.00 – 127.00. 

Alternative scenario: breakout and consolidation above the level of 143.92 will allow the pair to continue rising to the levels of 148.00 – 150.00. 

Analysis: an ascending third wave of larger degree (3) formed and a descending correction continues developing as the fourth wave (4) on the daily chart. Wave В of (4) is formed on the H4 chart, and wave C of (4) is now developing. Apparently, the first wave of smaller degree i of C is formed, a local… Read full author’s opinion and review in blog of #LiteFinance