FX.co ★ Elliott wave analysis of USD/JPY on May 24, 2022

USD/JPY has seen a nice rally over the last 1 year, but now it's time for a temporary corrective setback towards support near 115.00. It's, of course, possible that the corrective set-back becomes less pronounced and halts near support at 122.50 but still, some kind of correction/consolidation is needed for USD/JPY to gather more energy for the next impulsive rally towards 151.65.