Cycle from 3.24.2023 low in USDJPY is unfolding as a double three Elliott Wave structure. Up from 3.24.2023 low, wave (W) ended at 133.75 and pullback in wave (X) ended at 130.61. Wave (Y) higher is in progress with subdivision as a zigzag structure as the 1 hour chart below shows. Up from wave (X), wave ((i)) ended at 132.8 and wave ((ii)) ended at 131.99. Wave ((iii)) ended at 133.88, wave ((iv)) ended at 132.96, and final leg wave ((v)) ended at 134.04 which completed wave A.
Pullback in wave B ended at 132 with internal subdivision as a double three. Down from wave A, wave ((w)) ended at 132.72, wave ((x)) ended at 133.4, and wave ((y)) lower ended at 131.99 which completed wave B. Up from wave B, wave ((i)) ended at 132.8 and pullback in wave ((ii)) ended at 132.16. Wave ((iii)) ended at 134.57, and pullback in wave ((iv)) ended at 134.26. Pair may extend higher a bit more in wave ((v)) to complete larger degree wave C of (Y) of ((2)), but regardless, expect pair to turn lower soon. Potential target for wave (Y) of ((2)) is 100% – 161.8% Fibonacci extension of wave (W) which comes at 134.8 – 137.4.
