USDJPY: Elliott wave analysis and forecast for 01.04.22 – 08.04.22

Main scenario: consider long positions from corrections above the level of 118.64 with a target of 126.00 – 128.00.

Alternative scenario: breakout and consolidation below the level of 118.64 will allow the pair to continue declining to the levels of 114.57 – 111.92.

Analysis: the third wave of larger degree 3 presumably continues developing on the daily chart, with wave iii of 3 forming as its part. The fifth wave (v) of iii continues forming on the H4 chart. The third wave of smaller degree iii of (v) appears to have formed on the H1 chart, and a local correction is developing as wave iv of (v). If the presumption is correct, the pair will continue to rise to the levels of 126.00 – 128.00 once the correction is over. The level of 118.64 is critical in this scenario as a breakout will enable the pair to continue declining to the levels of 114.57 – 111.92.

Price chart of USDJPY in real time mode

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