Analyzing USD/JPY on the 3-hour chart using Elliott Wave Theory, I observed that wave (4) marked the end of the recent downward correction. Following this, I am expecting wave (5) to initiate an upward move. The potential target for wave (5) is:
- 160.496, corresponding to the 1.618 extension of wave (3)
This setup suggests a long position on USD/JPY, targeting this level as a potential take-profit point.
- 160.496, corresponding to the 1.618 extension of wave (3)
This setup suggests a long position on USD/JPY, targeting this level as a potential take-profit point.
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