USD/JPY: Elliott wave analysis and forecast for 14/08/2020 – 21/08/2020
Main scenario: consider long positions from corrections above the level of 105.29 with a target of 108.13 – 109.83.
Alternative scenario: breakout and consolidation below the level of 105.29 will allow the pair to continue declining to the levels of 104.13 – 103.50.
USD/JPY remains likely to grow. Estimated pivot point is at a level of 105.29.
Analysis: On the daily time frame, apparently a descending correction of larger degree finished forming as wave B and wave С started developing, with the first wave 1 of (1) of C formed inside. On the H4 time frame, a descending correction has...Read full author’s opinion and review in blog
Main scenario: consider long positions from corrections above the level of 105.29 with a target of 108.13 – 109.83.
Alternative scenario: breakout and consolidation below the level of 105.29 will allow the pair to continue declining to the levels of 104.13 – 103.50.
USD/JPY remains likely to grow. Estimated pivot point is at a level of 105.29.
Analysis: On the daily time frame, apparently a descending correction of larger degree finished forming as wave B and wave С started developing, with the first wave 1 of (1) of C formed inside. On the H4 time frame, a descending correction has...Read full author’s opinion and review in blog
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