Forex Elliott Wave Analysis - USD/JPY
65% confidence: Current resumption of uptrend should extend to 122.39, however, loss of momentum would cap price at 122.83/85 and bring correction.
Current break of 121.80 and subsequent rise to 122.20 confirm our bullishness and gain to 122.39 is likely, however, reckon 122.83/85 would limit upside and bring correction later.
On the bigger picture, early breach of psychological 120.00 level indicates the medoum term upmove from 108.97 has resumed and our preferred count becomes that (a) wave ended at 119.88 with (b) wave ended at 114.43, therefore, (c) wave rally is under way, early break of 121.40 adds credence to this view and further subsequent rise to 122.39 would be seen but 123.00 would limit upside.
On the downside, pullback should be limited to 121.44/45 and only break of 121.25 would signal a temporary top is in place and risk 120.80/90.
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