FX.co ★ Elliott wave analysis of USD/JPY for March 24, 2023

USD/JPY continues to move lower as we expected and should continue to follow the path lower for the coming weeks/months. We see support near 129.85 and would not be surprised to see a temporary rebound to 132.80 before renewed downside pressure to 127.30 and ultimately, below for a drive towards 124.46 and ideally downside to the equality target at 116.00.

So, for now, we expect support near 129.85 to provoke a temporary rebound to 132.80 and then renewed downside pressure.