USDJPY Forecast For 13.01.2023–20.01.2023
Short positions from corrections below 132.88 with a target of 125.35 - 121.52 are considered in the main scenario.
Alternative scenario: a breakthrough and stabilization above 132.88 will allow the pair to continue advancing to levels between 138.24 and 140.57.
On the daily chart, the upward third wave of a more considerable degree (3) has finished developing, with wave 5 of (3) forming as part of it. On the H4 chart, a descending correction looks to be growing as the fourth wave (4), with wave C of (4) forming as part of it.
On the H1 chart, the third wave of more minor degree iii of C looks to have begun to form, with wave (iii) of iii of C forming inside. If this assumption holds, the pair will continue to fall to 125.35 - 121.52. In this scenario, the level of 132.88 is significant since a break will allow the pair to continue rising to levels of 138.24 - 140.57.