FX.co ★ Elliott wave analysis of USD/JPY for January 2, 2023

USD/JPY only needs a small dip below 130.56 to complete wave A and set the stage for a temporary rally in wave B towards resistance in the 141.25 - 143.78 area before wave C takes over for a decline toward 113.90. This will likely complete an X-wave and call for renewed upside progress in USD/JPY.

That said, we will as always take baby steps and start by looking for the small dip to just below 130.56 to complete wave A and set the counter rally in wave B towards 141.25.