No change for USDJPY. The pair is somehow still moving sideways here in a wave four, which means that the market could continue higher into wave five, especially if we consider that it is still holding above 160 despite the fact that the BOJ hiked rates and even suggested that fewer hikes now could mean more hikes later on. The market has not really reacted in favor of the yen, but at some point I think USDJPY will slow down. But from an Elliott Wave perspective it still looks like we are missing that fifth wave that could finally take us back above 160.72.
After that, we would slowly be moving into the important 161 to 162 resistance zone, especially when looking at the major swing highs from July 2024, which marked an important top for USDJPY. So for now, maybe one more leg higher, but then be aware of a reversal lower.
Grega
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