USDJPY remains in bullish mode on the daily time frame, despite deep downward retracement to 120.40 that looks now as a completed wave 4 because of a three subwaves down. As such, we suspect that rally since March is going to be an expanding diagonal; it's a five wave pattern, currently with final sub-wave 5 in play that will likely be targeting 127.00 area, where top could be seen later this summer.
USDJPY Elliott Wave Analysis
usdjpy elliott wave
 

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