USDJPY: Elliott wave analysis and forecast for 12.11.21 – 19.11.21

Main scenario: consider long positions from corrections above the level of 112.75 with a target of 116.00 – 118.00. 

Alternative scenario: breakout and consolidation below the level of 112.75 will allow the pair to continue declining to the levels of 110.83 – 109.12. 

Analysis: Daily chart: there’s an ascending wave of larger degree C that presumably has started forming. The third wave 3 of (1) of С is unfolding as part of the wave C. H4 chart: a correction is completed as wave ii of 3, and wave iii of 3 is forming. On the H1 chart, apparently, there’s wave (iii) of iii formed, a local correction completed as wave (iv) of iii, and wave (v) of iii forming. If the presumption is correct, the pair will continue to rise to the levels of 116.00 – 118.00. The level of 112.75 is critical in this scenario as its breakout will enable the pair to continue declining to the levels of 110.83 – 109.12.

Price chart of USDJPY in real time mode

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