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USDJPY: Elliott wave analysis and forecast for 16.10.20 – 23.10.20
Main scenario: consider long positions from corrections above the level of 103.94 with a target of 108.14 – 109.84. Alternative scenario: breakout and consolidation below the level of 103.94 will allow the pair to continue declining to the levels of 103.00 – 101.13. Analysis: On the daily time frame, apparently a descending correction of larger degree finished forming as wave B. Wave С started developing, with the first wave 1 of (1) of C formed inside. On the H4 time frame, a descending correction of smaller degree formed as wave 2 of (1), and the third wave 3 of (1) started to develop. Apparently, the first ... (full story)
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