FX.co ★ Elliott wave analysis of USD/JPY for June 7 , 2023

USD/JPY should soon break below support at 138.42 confirming that wave B has been completed with the test of 140.92 and wave C lower towards at least 125.64 is in motion. Ideally, wave C will be equal to wave A in length, which would mean wave C will move down to 116.19 before completing, but time will tell.

However, for now, we stay focused towards the downside and a break below support at 138.42 as confirmation that wave B has finished and wave C is in motion lower.