USDJPY: Elliott wave analysis and forecast for 05.01.24 – 12.01.24

Main scenario: consider short positions from corrections below the level of 146.44 with a target of 136.50 – 127.32 once a correction is completed. 

Alternative scenario: breakout and consolidation above the level of 146.44 will allow the pair to continue rising to the levels of 149.19 – 151.77. 

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, and a downside correction is developing as second wave 2 of (5). Apparently, wave a of 2… Read full author’s opinion and review in blog of #LiteFinance