FX.co ★ Elliott wave analysis of USD/JPY for March 15, 2022

USD/JPY yesterday broke through a resistance-line dating back from April 1990. The break above this resistance-line was smooth and without trouble indicating more upside progress in the weeks to come towards the next solid resistance near 124.15. This resistance will likely prove much harder to break and will likely produce a temporary corrective decline back to the resistance-line we just broke. However, this time the the line will act as support for the next rally higher towards the long-term target seen at 151.65.

So keep you focus towards the upside and a test of 124.15 before a larger corrective decline should be expected.