Crypto currency

USDJPY: Elliott wave analysis and forecast for 28.05.21 – 04.06.21

Main scenario: consider short positions from corrections below the level of 110.93 with a target of 107.46 – 106.75.

Alternative scenario: breakout and consolidation above the level of 110.93 will allow the pair to continue rising to the levels of 112.00 – 113.50.

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 downside correction developing as wave ii of 3 inside. Wave (a) of ii formed as part of the downside correction. On the H1 time frame, wave (b) of ii appears to be nearing completion, with wave c of (b) developing inside. If the presumption is correct, the pair will continue to drop to the levels of 107.46 – 106.75 after wave (b) of ii is completed. The level of 110.93 is critical in this scenario as the breakout will enable the pair to continue growing to the levels of 112.00 – 113.50.

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.

Rate this article:

{{value}} ( {{count}} {{title}} )

Most Related Links :
Business News Governmental News Finance News

Source link

Back to top button