FX.co ★ Elliott wave analysis of USD/JPY on March 13, 2023

We have seen a nice decline after the test of the 38.2% corrective target of wave A. This test completed wave B, and we should now see wave C continue lower to 124.46 and ideally closer to the equality target seen at 115.99 to complete wave C and the zig-zag correction from 151.95.

In the short term, we see resistance at 135.06 and then at 135.83, but we doubt the latter will be reached if a temporary correction occurs.