USDJPY: Elliott wave analysis and forecast for 16.09.2022 – 23.09.2022

Main scenario: consider long positions from corrections above the level of 141.66 with a target of 147.00 – 149.99. 

Alternative scenario: breakout and consolidation below the level of 141.66 will allow the pair to continue declining to the levels of 140.25 – 138.34. 

Analysis: the upward third wave of larger degree (3) continues 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 third wave of smaller degree iii of 5 is forming on the H1 chart, with a local correction (iv) of iii completed and the fifth wave (v) of iii developing inside. If the presumption is correct, the pair will continue to rise to the levels of 147.00 – 149.99. The level of 141.66 is critical in this scenario as a breakout will enable the pair to continue declining to the levels of 140.25 – 138.34.

Price chart of USDJPY in real time mode

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