USD/JPY Approaches Resistance: Elliott Wave analysis

Technical analysis of Forex market

USDJPY has completed the 5th wave as an ending diagonal (wedge) pattern and that weakness will resume towards much lower prices as a drop from 115.52 unfolded as an impulse.

Ideally, that was wave A)/1), so more weakness is coming after an A-B-C rally within wave B)/2), which can be now approaching important and key do/die resistance here around 78,6% Fibonacci retracement and 115 level, from where we should be aware of another decline for wave C)/3).

USD/JPY 4h Elliott Wave analysis