USDJPY: Elliott wave analysis and forecast for 11.08.23 – 18.08.23

Main scenario: consider short positions below the level of 151.88 with a target of 130.00 – 127.00 once a correction is completed. 

Alternative scenario: breakout and consolidation above the level of 151.88 will allow the pair to continue rising to the levels of 160.00 – 165.00. 

Analysis: an ascending third wave of larger degree (3) is formed and a descending correction continues developing as the fourth wave (4) on the daily chart. Wave В of (4) continues forming on the H4 chart, with wave с of В developing as its part. Apparently, the fifth wave of smaller degree (v) of… Read full author’s opinion and review in blog of #LiteFinance