USD/JPY: Elliott Wave Analysis and Forecast for 16.10.26–23.10.26

Major Takeaways Main scenario: Consider short positions from corrections below the level of 158.93 with a target of 151.76–148.92. A sell signal: the price holds below 158.93. Stop Loss: above 159.53, Take Profit: 151.76–148.92. Alternative scenario: Breakout and consolidation above the level of 158.93 will allow the pair to continue rising to the levels of 163.90–167.50. A buy signal: the level of 158.93 is broken to the upside. Stop Loss: below 158.33, Take Profit: 163.90&nda