USDJPY: Elliott wave analysis and forecast for 05.04.24 – 12.04.24

Main scenario: consider long positions above the level of 150.48 with a target of 155.00 – 160.00 once a correction finishes. Alternative scenario: breakout and consolidation below the level of 150.48 will allow the pair to continue declining to the levels of 149.10 – 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 firs