USDJPY: Elliott wave analysis and forecast for 02.09.22 – 09.09.22

Main scenario: consider long positions from corrections above the level of 134.07 with a target of 145.00 – 148.00. 

Alternative scenario: breakout and consolidation below the level of 134.07 will allow the pair to continue declining to the levels of 130.36 – 127.35. 

Analysis: the upward third wave of larger degree (3) is developing on the daily chart, with wave 3 of (3) formed as its part. A descending correction has finished developing as the fourth wave 4 of (3) on the H4 chart, and the fifth wave 5 of (3) is unfolding. Apparently, the first wave of smaller degree i of 5 is formed on the H1 chart. If this assumption is correct, the pair will continue to grow to 145.00 – 148.00 once a local correction forms as wave ii of 5. The level of 134.07 is critical in this scenario as its breakout will enable the pair to continue declining to the levels of 130.36 – 127.35.

Price chart of USDJPY in real time mode

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