USDJPY moved to a new high at the start of March weeks back but then price turned down for nearly 270 pips, suggesting that bulls are slowing down. As such, we adjusted the wave count into an ending diagonal that is taking place in wave 5. If we are correct then price is now in subwave (iv) that should find a support near 118.50 from where another but final leg up should occur that will complete the pattern somewhere around the upper trendline, near 123.
USDJPY Daily Elliott Wave Analysis
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