USD/JPY: Elliott wave analysis and forecast for 12.07.24 – 19.07.24

Key takeaways Main scenario: consider long positions above the level of 154.50 with a target of 165.00 – 170.00 once a correction has formed. A buy signal: after the level of 154.50 is broken. Stop Loss: 153.00, Take Profit: 170.00. Alternative scenario: breakout and consolidation below the level of 154.50 will allow the pair to continue declining to the levels of 151.68 – 146.44. A sell signal: after the level of 154.50 is broken. Stop Loss: 156.00, Take Profit: 146.44.Main scenario