USDJPY: Elliott wave analysis and forecast for 02.02.24 – 09.02.24

Main scenario: consider long positions above the level of 142.24 with a target of 151.77 – 155.00 once a correction is formed. 

Alternative scenario: breakout and consolidation below the level of 142.24 will allow the pair to continue declining to the levels of 140.21 – 136.60. 

Analysis: an ascending wave of larger degree C continues forming on the daily chart, with the fifth wave (5) of C unfolding as its part. On the H4 chart, there's wave 1 of (5) formed, a downside correction completed as the second wave 2 of (5), and the third wave 3 of (5) forming…. Read full author’s opinion and review in blog of #LiteFinance