FX.co ★ Elliott wave analysis of USD/JPY for March 23, 2022

USD/JPY continues to accelerate nicely higher towards our target seen near 125.86. Once the long-term resistance-line near 117.22 was broken JPY really started to weaken and will continue to do so until we are near resistance at 125.86.

Support is now seen at 118.74 and at the former resistance-line, that now has turned into support. Yes we could see this support broken shortly, but it will only be shortly before the USD bulls return.