USDJPY: Elliott wave analysis and forecast for 29.01.21 – 05.02.21

Main scenario: consider long positions from corrections above the level of 103.32 with a target of 105.31 – 106.17.

Alternative scenario: breakout and consolidation below the level of 103.32 will allow the pair to continue declining to the levels of 101.74 – 100.00.

Analysis: Daily time frame: presumably, a correction of larger degree is completed in the form of wave (B). Wave (С) has started to form, with the third wave 3 of (C) developing as part of it. On the H4 time frame, the third wave of smaller degree iii of 3 finished forming, and an ascending correction is... Read full author’s opinion and review in blog of #LiteForex