USDJPY: Elliott wave analysis and forecast for 28.04.23 – 05.05.23
Main scenario: consider long positions above the level of 129.55 with a target of 138.00 – 142.30 once a correction finishes.
Alternative scenario: breakout and consolidation below the level of 129.55 will allow the pair to continue declining to the levels of 127.38 – 121.66.
Analysis: an ascending third wave of larger degree (3) is formed on the daily chart, and a descending correction presumably developed as the fourth wave (4). Apparently, the fifth bullish wave (5) started developing on the H4 chart, with wave 1 of (5) formed and a local correction completed as second wave 2 of (5)... Read full author’s opinion and review in blog of #LiteFinance https://bit.ly/40RKSqJ
