FX.co ★ Elliott wave analysis of USD/JPY for March 9, 2023

USD/JPY has tested the 38.2% corrective target at 138.17, which also happens to be close to the peak of wave iv of A, which came in at 138.18. This is enough to complete wave B and set the stage for wave C lower towards the equality target between wave A and C at 115.99.

Short-term we need a break below minor support at 136.19 and more important, we need a break below support at 135.36 to confirm that wave B has completed and wave C is unfolding.