USDJPY Ready To Break After BOJ? Apr 24, 2023

Last week’s market movements remained confined to a narrow range. However,  global inflation is still the main concern after last week UK CPI, and FED hawkish speculation have caused a slight rebound in US yields and the USD over the last two weeks. If stocks experience a descent from resistance levels, it is likely that we may see further growth in these markets.

This week’s market behavior will be significantly influenced by forthcoming GDP data, earnings reports, and BOJ decisions. Based on the latest Elliott wave price action, we can anticipate that these factors will move USDJPY which is trading in some higher degree range for now, but looking at the 4h time frame, there is a nice resistance at 135.00. If we see a sell-off from there with a strong drop to 132.00 area then I may even consider shorts on pullbacks.

USDJPY Elliott wave pattern
USDJPY Elliott wave pattern

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