USDJPY is back in recovery mode and has broken above the highs from early May, when the Bank of Japan intervened in an attempt to reverse the trend. While policymakers aim for a stronger yen to help reduce inflation, the move has so far had limited effect, with price now trading near the 2024 highs. However, this structure may still represent a Wave 5 of Wave C in its late stages. If the rally is indeed nearing completion, a strong reversal could follow in the coming weeks or months, especially as the 4H chart shows a completed five-wave advance. A break below the rising channel would confirm a bearish shift.
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