USDJPY made a sharp reversal down in 2022 on a daily chart, and touched 126-130 area after BoJ policy YCC adjustment back in December. However that drop appears completed as we have seen a strong bullish reversal in the last few months, but it’s just another corrective recovery that can be now slowly approaching the end. It’s ideally an A-B-C move up to 142 resistance area where we can expect a bearish turn still this year. Alternatively, this can even be W-X-Y from 127 lows, but still a corrective and temporary higher degree pause for wave B/II. A drop and turn back below 137 can be the first evidence of a top in place.
Become a member
Get daily Elliott Wave updates for some major Digital currencies, FIAT currency markets, major stock indexes, gold, silver, crude etc. or apply for unlimited access to the Elliot Wave educational videos.
NIKE Is Getting Ready For A Bullish Continuation. Check our free chart HERE