USDJPY: Elliott wave analysis and forecast for 11.02.22 – 18.02.22

Main scenario: consider long positions from corrections above the level of 113.45 with a target of 117.80 – 119.00.

Alternative scenario: breakout and consolidation below the level of 113.45 will allow the pair to continue declining to the levels of 110.81 – 108.80. 

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, a local correction completed as wave iv of 3, and wave v of 3 developing. Apparently, the first… Read full author’s opinion and review in blog of #LiteForex