USD/JPY saw the completion of an A-B-C rally up from the 2011 low at 75.56 with wave A completing at 125.85 in June 2015.
Wave B was a triangle that completed at 103.52 in January 2015 and finally wave C rally higher to test the equality target between wave A and C at 151.43 in October 2022.
Since the 151.43 test we have seen wave A and B of a flat correction wave C is now unfolding. We need a break below support at 140.98 to confirm that wave C is unfolding, but it should only be a matter of time before this support breaks and USD/JPY continues lower towards support at 126.19 and maybe even slightly lower.
Once wave C is complete This will likely be an X-wave, but only time will tell.
JPY should be once of the best performing currencies in Q1-2024.
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