USDJPY: Elliott wave analysis and forecast for 30.04.21 – 07.05.21

Main scenario: consider short positions from corrections below the level of 109.62 with a target of 106.75 – 105.77.

Alternative scenario: breakout and consolidation above the level of 109.62 will allow the pair to continue rising to the levels of 110.95 – 112.50.

Analysis: Daily TM: apparently, a descending correction of larger degree finished forming as wave B, and wave С started developing, with the first wave (1) of С forming inside.

On the H4 time frame, the third wave of smaller degree 3 of (1) is developing, with wave i of 3 formed inside. Apparently, a descending correction is… Read full author’s opinion and review in blog of #LiteForex