USDJPY: Elliott wave analysis and forecast for 01.11.24 – 08.11.24 | LiteFinance
The article covers the following subjects:
Highlights and key points
- Main scenario: consider short positions from corrections below the level of 153.83 with a target of 138.08 – 131.25. A sell signal: if the price holds below 153.83. Stop Loss: above 154.20, Take Profit: 138.08 – 131.25.
- Alternative scenario: breakout and consolidation above the level of 153.83 will allow the pair to continue rising to the levels of 156.74 – 161.70. A buy signal: once the level of 153.83 is broken to the upside. Stop Loss: below 153.50, Take Profit: 156.74 – 161.70.
Main scenario
Consider short positions from corrections below the level of 153.83 with a target of 138.08 – 131.25.
Alternative scenario
Breakout and consolidation above the level of 153.83 will allow the pair to continue rising to the levels of 156.74 – 161.70.
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 and a local corrective wave (В) of 4 are completed. Apparently, wave (С) of 4 has started developing on the H1 time frame. If this assumption is correct, the USDJPY pair will continue to fall to 138.08 – 131.25. The level of 153.83 is critical in this scenario as a breakout will enable the pair to continue rising to the levels of 156.74 – 161.70.
Price chart of USDJPY in real time mode
The content of this article reflects the author’s opinion and does not necessarily reflect the official position of LiteFinance. The material published on this page is provided for informational purposes only and should not be considered as the provision of investment advice for the purposes of Directive 2004/39/EC.
