USD/JPY: Elliott wave analysis and forecast for 11.10.24 – 18.10.24 | LiteFinance
The article covers the following subjects:
Highlights and key points
- Main scenario: consider short positions from corrections below the level of 151.54 with a target of 131.25 – 123.97. A sell signal: if the price holds below 151.54. Stop Loss: above 152.30, Take Profit: 131.25 – 123.97.
- Alternative scenario: breakout and consolidation above the level of 151.54 will allow the pair to continue rising to the levels of 153.88 – 156.74. A buy signal: once the level of 151.54 is broken to the upside. Stop Loss: below 150.80, Take Profit: 153.88 – 156.74.
Main scenario
Consider short positions from corrections below the level of 151.54 with a target of 131.25 – 123.97.
Alternative scenario
Breakout and consolidation above the level of 151.54 will allow the pair to continue rising to the levels of 153.88 – 156.74.
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. Apparently, a local correction is completed as wave (В) of 4 on the H1 chart, with wave С of (В) presumably formed as its part. If the presumption is correct, the USDJPY pair will continue to decline in wave (С) of 4 to the levels of 131.25 – 123.97. The level of 151.54 is critical in this scenario as a breakout will enable the pair to continue rising to the levels of 153.88 – 156.74.
Price chart of USDJPY in real time mode
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