Forex
Elliott Wave Analysis Predicts USD/JPY Downward Movement
A recent Elliott Wave analysis of the USD/JPY pair suggests that once the correction is completed, consider short positions below the level of 157.50 with a target of 151.76-148.92.
The main scenario predicts a downward movement in the pair after the correction ends, while the alternative scenario suggests a breakout and consolidation above 157.50, allowing the pair to continue rising to the levels of 160.48-163.90.
According to the analysis, an ascending third wave of larger degree 3 has formed, and the fifth wave 5 is developing on the weekly time frame.