Elliott Wave analysis on USD/JPY: Correction within uptrend

Gregor Horvat Wavetraders

JPY came down across the board, even though BOJ decided to end its ultra-loose policy, by raising rates for 10bp in March. USDJPY is coming higher anyhow, with price breaking some very important trendline connected from 2023 highs. It can even represent part of a bullish triangle which is finished now, so USDJPY has room for much more gains, especially after current sideways price pattern. It looks like a wave four triangle here on 4h time frame, so more upside, and possibly final leg up can show up at the start of the month. Ideally wave 5 will hit 153.00 where bulls can slow down a bit.

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Author

Gregor Horvat

Wavetraders

Experience Grega is based in Slovenia and has been in the Forex market since 2003.

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