Elliot Wave Analysis & Forecast – USDJPY, - Daily, 29th July, 2024
USDJPY is currently exhibiting a bullish trend, with the price structure suggesting a potential continuation of the uptrend as for as support @ 151.85 hold.
Elliott Wave analysis indicates a developing fifth wave within a larger uptrend. It is assumed that the market has recently completed a corrective phase in the form of Blue wave 4 of pink wave 5 by placing its bottom @ 153.10 and appears to be initiating a new impulsive rally in the form of Blue wave 5 of pink wave 5. An the ideal target for this final rally will be at least 166 level.
Breaking below the bottom will invalidate our ideal scenario and forced us to redraw the pattern but chances are low as we also seeing double bottom. As you see in the chart wave 4 cannot enter into the territory of wave 1.
Key Levels:
Resistance: 166.00 - 170.00
Support: 151.85 (break below to invalidate bullish outlook)
Disclaimer: This analysis is based on Elliott Wave theory and technical indicators. Trading involves risk, and past performance is not indicative of future results. Always conduct your own research and consider consulting with a financial advisor before making investment decisions.
Muhiuddin
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