Short term view in USDJPY suggests the rally from 7.14.2023 low is unfolding as a 5 waves impulse Elliott Wave structure. Up from 7.14.2023 low, wave (1) ended at 141.95 and pullback in wave (2) ended at 138.05. Pair then extended higher in wave (3) towards 147.37 as the 1 hour chart below shows. It then pullback in wave (4) with internal subdivision as a zigzag structure. Down from wave (3), wave A ended at 145.65 and rally in wave B ended at 146.53. Pair then resumed lower in wave C towards 144.42 to complete wave (4).
Internal subdivision of wave C unfolded as a diagonal. Down from wave B, wave ((i)) ended at 145.54 and wave ((ii)) rally ended at 146.29. Pair resumed lower in wave ((iii)) towards 145.22, and rally in wave ((iv)) ended at 145.63. Last leg lower wave ((v)) ended at 144.42 which completed wave C of (4). Pair then resumes higher in wave (5), but it still needs to break above wave (3) to confirm the view. Up from wave (4), wave ((i)) is expected to end soon, then it should pullback in wave ((ii)) to correct cycle from 144.43 low in 3, 7, or 11 swing before it resumes higher again. Near term, as far as pivot at 144.42 low stays intact, expect pullback to find support in 3, 7, 11 swing for further upside.
