FX.co ★ Elliott wave analysis of USD/JPY on December 27, 2022

Since our last update, wave A of the expected A-B-C correction is about done and wave B is ready to take over for a corrective rally toward 141.25 from where wave C is likely to take over for a decline towards 119.10 and maybe even closer to solid support near 115.00.

In the short term, we expect a second dip closer to 130.00 to complete wave A and set the stage for wave B to take over and start the corrective rally toward 141.25. .