USDJPY: Elliott wave analysis and forecast for 03.05.24 – 10.05.24

Main scenario: consider long positions upon correction above the level of 150.75 with a target of 161.50 – 167.00.Alternative scenario: breakout and consolidation below the level of 150.75 will allow the pair to continue declining to the levels of 146.44 – 140.13Analysis: 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