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USDJPY, Elliot Wave Analysis
1/24/2023 10:02 AMThe price is in a correction and 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 forming, within which the wave (iv) of c is developing. 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 134.54.
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