FX.co ★ Elliott wave analysis of USD/JPY for November 1, 2022

USD/JPY has seen a nice three-wave rally from the 75.57 low. That low was printed back in October 2011. Now, 11 years later, we have just seen the top of wave C at 151.94 and should now be looking for a corrective decline towards strong support near 114.00. We do think that the decline from 151.94 will be in three waves and count as an X-wave and be followed by a new three-wave rally to the upside.

In the short term, we are looking for a break below support at 145.48 to confirm that USD/JPY has peaked for now and the decline towards 114.00 is in progress.