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  • USDJPY: Elliott wave analysis and forecast for 12.04.24 – 19.04.24

    From litefinance.org

    Main scenario: consider long positions from corrections above the level of 151.45 with a target of 157.00 – 160.00. Alternative scenario: breakout and consolidation below the level of 151.45 will allow the pair to continue declining to the levels of 150.05 – 148.46. Analysis: an ascending wave of larger degree C continues forming on the daily chart, with fifth wave (5) of C unfolding as its part. The third wave 3 of (5) is unfolding on the H4 time frame, with first wave of smaller degree i of 3 and corrective second wave ii of 3 completed as its parts. Apparently, wave iii of 3 is unfolding on the H1 time frame, ... (full story)

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And that scenario goes out the window when the BOJ intervenes. Just like Mike Tyson said, " You go into a fight with a game plan... but that plan is forgotten the first time you get punched in the jaw !"
BOJ seems wishy washy on intervening!
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  • Posted: Apr 12, 2024 9:47am
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     Newsstand
    Category: Technical Analysis
    Comments: 2  /  Views: 4,554

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