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USDJPY, Elliot Wave Analysis

1/20/2023 10:09 AM

A fall is possible.

On the daily chart, the third wave of the higher level 3 ended, and a downward correction develops as the fourth wave 4, within which the wave of the lower level a of 4 formed. Now, the wave b of 4 has ended, and the wave c of 4 is developing, within which the wave (iv) of c has formed, and the development of the wave (v) of c has started. If the assumption is correct, the USD/JPY pair will fall to the area of 121.67–118.00. In this scenario, critical stop loss level is 131.84.

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