Elliott wave analysis of USD/JPY - We have a new high and a clear five wave rally since the 75.56 low, but more upside is expected.

USD/JPY:

With the break above the top of wave 3 at 103.73 we now have a clear five wave rally from the October 2011 low at 75.56.

As the first target for wave 5 I will be looking for 107.29, where wave 5 will be 38.2% of the distance traveled from the bottom of wave 1 to the top of wave 3 added to the bottom of wave 4. However, a wave 5 top will also equal the maximum high within the triangle added to the bottom of wave 4.

On the way higher to 107.29 we should experience strong resistance at 104.60.