USDJPY: Elliott wave analysis and forecast for 07.07.23 – 14.07.23

Main scenario: consider long positions above the level of 140.35 with a target of 146.00 – 148.00 once a correction has formed.

Alternative scenario: breakout and consolidation below the level of 140.35 will allow the pair to continue declining to the levels of 137.60 – 135.92.

Analysis: daily chart: an ascending third wave of larger degree (3) is formed, a descending correction developed as the fourth wave (4), and the fifth wave (5) started unfolding. Presumably wave 3 of (5) continues developing on the H4 chart, with the third wave of smaller degree iii of 3 formed inside. On the… Read full author’s opinion and review in blog of #LiteFinance