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USDJPY: Elliott wave analysis and forecast for 09.07.21 – 16.07.21

Main scenario: consider short positions from corrections below the level of 111.66 with a target of 108.20 – 107.09.

Alternative scenario: breakout and consolidation above the level of 111.66 will allow the pair to continue rising to the levels of 113.50 – 115.00.

Analysis: Daily TM: apparently, a descending correction of larger degree finished forming as wave B, and wave С started developing, with the first wave (1) of С forming inside.

The third wave of smaller degree 3 of (1) continues developing on the H4 time frame, with wave i of 3 formed and a downside correction developing as wave ii of 3 inside. Apparently, wave (a) of ii is developing on the H1 time frame. If this assumption is correct, the pair will continue to fall to 108.20 – 107.09. The level of 111.66 is critical in this scenario as a breakout will enable the pair to continue growing to the levels of 113.50 – 115.00.

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 LiteForex. 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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