USD/JPY: Elliott wave analysis and forecast for 23.01.26–30.01.26 | LiteFinance
The article covers the following subjects:
Major Takeaways
- Main scenario: Consider long positions from corrections above the level of 157.30 with a target of 162.00–165.00. A buy signal: the price holds above 157.30. Stop Loss: below 157.30, Take Profit: 162.00–165.00.
- Alternative scenario: Breakout and consolidation below the level of 157.30 will allow the pair to continue declining to the levels of 154.15–152.38. A sell signal: the level of 157.30 is broken to the downside. Stop Loss: above 157.30, Take Profit: 154.15–152.38.
Main Scenario
Consider long positions from corrections above the level of 157.30 with a target of 162.00–165.00.
Alternative Scenario
Breakout and consolidation below 157.30 will allow the pair to continue declining to the levels of 154.15–152.38.
Analysis
An ascending fifth wave of larger degree 5 is developing on the weekly chart, with wave (1) of 5 forming as its part. The third wave of smaller degree 3 of (1) appears to continue forming on the daily chart, with wave v of 3 developing within. Wave (v) of v of 3 has likely started forming on the H4 chart. If this assumption is correct, the USD/JPY pair will continue to rise to the levels of 162.00–165.00. The level of 157.30 is critical in this scenario as a breakout below it will enable the pair to continue falling to the levels of 154.15–152.38.
This forecast is based on the Elliott Wave Theory. When developing trading strategies, it is essential to consider fundamental factors, as the market situation can change at any time.
Price chart of USDJPY in real time mode
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