FX.co ★ Elliott wave analysis of USD/JPY for June 8, 2023

We continue to look for renewed downside pressure once support at 139.02 gives away for a decline towards at least 125.64 and ideally closer to 116.19 where wave C will be equal in length to wave A. Ideally, we will see resistance at 140.42 which still puts a lid on the upside for the expected break below 139.02. Even if a small break above 140.42 is seen, the potential upside should be limited to 141.00 before renewed downside pressure.