USDJPY: Elliott wave analysis and forecast for 16.07.2021 – 23.07.2021

Primary state of affairs: think about quick positions from corrections beneath the extent of 111.66 with a goal of 108.20 – 107.09.

Different state of affairs: breakout and consolidation above the extent of 111.66 will enable the pair to proceed rising to the degrees of 113.50 – 115.00.

Evaluation: Day by day TM: apparently, a descending correction of bigger diploma completed forming as wave B, and wave С began creating, with the primary wave (1) of С forming inside.

The third wave of smaller diploma 3 of (1) continues creating on the H4 time-frame, with wave i of three shaped and a draw back correction creating as wave ii of three inside. Wave (а) of ii seems to be unfolding on the H1 time-frame, with wave v of (a) creating as a part of it. If the presumption is appropriate, the pair will proceed to drop to the degrees of 108.20 – 107.09. The extent of 111.66 is essential on this state of affairs as a breakout will allow the pair to proceed rising to the degrees of 113.50 – 115.00.

Value chart of USDJPY in actual time mode

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