Elliott Wave Analysis of USD/JPY - 4 year correction is likely complete
USD/JPY saw a temporary peak at 118.67 in late December 2016 and has since been in a descending correction towards 102.56 as the low on January 5 - 2021 from where we have seen a small five wave advance to a high of 104.22. This is likely the first strong indication that the a new log-term impulse rally now is unfolding.
Short-term I will be looking for a temporary set-back to the 103.19-103.39 area from where a new impulsive rally though the former peak at 104.22 for a rally towards 105.47 and above here confirm that the correction through 4 years has completed and a new long-term impulsive rally is building. Ultimately I will be looking for a re-test and break through the former peak at 118.67 towards 125.86.
Buying in the 103.19 - 103.39 will likely prove to be a high profit long-term trade. Place a stop at 102.50 keeping risk at a minimum.
The trend and patience are your friends.
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