USD/JPY: Elliott wave analysis and forecast for 04.10.24 – 11.10.24 | LiteFinance
The article covers the following subjects:
Highlights and key points
- Main scenario: once the correction ends, consider long positions above the level of 141.63 with a target of 151.51 – 153.88. A buy signal: the price holds above 141.63. Stop Loss: below 140.00, Take Profit: 151.51 – 153.88.
- Alternative scenario: breakout and consolidation below the level of 141.63 will allow the pair to continue declining to the levels of 131.25 – 123.97. A sell signal: once the level of 141.63 is broken to the downside. Stop Loss: above 142.50, Take Profit: 131.25 – 123.97.
Main scenario
Consider long positions from corrections above the level of 141.63 with a target of 151.51 – 153.88.
Alternative scenario
Breakout and consolidation below the level of 141.63 will allow the pair to continue declining to the levels of 131.25 – 123.97.
Analysis
The ascending wave of larger degree 3 has presumably finished developing on the daily chart, with wave (5) of 3 formed as its part. On the H4 chart, a descending correction is developing as the fourth wave of larger degree 4, within which wave (А) of 4 is formed and wave (B) of 4 is unfolding. Apparently, wave С of (В) is developing on the H1 chart, with the third wave of smaller degree iii of C presumably forming as its part. If this assumption is correct, the USDJPY pair will continue to rise to 151.51 – 153.88. The level of 141.63 is critical in this scenario as a breakout will enable the pair to continue declining to the levels of 131.25 – 123.97.
Price chart of USDJPY in real time mode
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