FX.co ★ Elliott wave analysis of USD/JPY for March 28, 2023

USD/JPY continues to push lower as we expected. After a temporary relief rally to resistance at 131.66, renewed downside pressure has commenced and we expect to see support at 129.38 overcome shortly for a continuation towards the next downside target at 128.06. Longer term we continue to look for a decline closer to at least 124.46 and possibly even lower to 116.00 before a long-term bottom is in place and renewed upside pressure could resurface.