USDJPY Bottoms For Now; More Weakness After Rally
Dec 9, 2022

USDJPY

USDJPY bottoms for now, but we will expect more weakness after rally, as we see a completed five-wave cycle from Elliott wave perspective.

USDJPY came sharply down in the last few weeks, away from 150/152 high, from where we can even count five waves down as part of a new bearish cycle, especially if we consider that pair is also breaking the trendline support on a daily chart. As such, we will go with a bearish look and will be looking for further weakness after any higher-degree three-wave rally which can show up in December. Resistance is at 142.30 and 145.56 from where we will expect more weakness on USDJPY.

USDJPY Bottoms For Now; More Weakness After Rally 4H Chart
USDJPY 4H Chart

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