Home Market USDJPY: Elliott wave analysis and forecast for 13.05.2022 – 20.05.2022

USDJPY: Elliott wave analysis and forecast for 13.05.2022 – 20.05.2022


Main scenario: consider short positions from corrections below the level of 131.25 with a target of 124.50 – 122.50. 

Alternative scenario: breakout and consolidation above the level of 131.25 will allow the pair to continue rising to the levels of 135.00 – 140.00. 

Analysis: The third wave of larger degree (3) continues developing on the daily chart, with wave 3 of (3) forming inside. On the H4 chart, the third wave of smaller degree iii of 3 looks completed and a corrective wave iv of 3 started developing. Wave (а) of iv appears to be unfolding on the H1 chart. If the presumption is correct, the pair will continue to drop to the levels of 124.50 – 122.50. The level of 131.25 is critical in this scenario as a breakout will enable the pair to continue growing to the levels of 135.00 – 140.00.

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.

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