USDJPY: Elliott wave analysis and forecast for 01.03.24 – 08.03.24

Main scenario: consider long positions from corrections above the level of 149.21 with a target of 152.50 – 155.00. 

Alternative scenario: breakout and consolidation below the level of 149.21 will allow the pair to continue declining to the levels of 145.90 – 143.29. 

Analysis: an ascending wave of larger degree C continues forming on the daily chart, with the fifth wave (5) of C unfolding as its part. On the H4 chart, there's wave 1 of (5) formed and a downside correction completed as second wave 2 of (5). The third wave 3 of (5) started forming, with the first wave of smaller degree i of 3 unfolding as its part. Apparently, wave (iii) of i and wave (iv) of i are formed on the H1 chart. If the presumption is correct, the USDJPY pair will continue to rise to the levels of 152.50 – 155.00. The level of 149.21 is critical in this scenario as a breakout will enable the pair to continue falling to the levels of 145.90 – 143.29.

Price chart of USDJPY in real time mode

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