USDJPY: Elliott wave analysis and forecast for 26.07.24 – 02.08.24

Highlights and key points Main scenario: consider long positions from corrections above the level of 151.85 with a target of 165.00 – 170.00. A buy signal: after the level of 151.85 is broken. Stop Loss: 150.50; Take Profit: 170.00. Alternative scenario: breakout and consolidation below the level of 151.85 will allow the pair to continue declining to the levels of 146.44 – 140.75. A sell signal: after the level of 151.85 is broken. Stop Loss: 153.00; Take Profit: 140.75.Main scenario