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Market Updates

15 Mar. 2022

Short term to medium term view on USDJPY from an Elliott wave perspective

How far can  the greenback rally against the Japanese Yen?  We are expecting a move towards 120 levels before retracing back below 100.00 key psychological level in the medium term.



Let’s have a look at the technical side.




118.38 remains a strong resistance in the near term which coincides with the 261.8% and we might see a pull back  for a wave 4 as per Elliott wave principle before having another final leg (wave 5) to the upside towards 120 levels. – see below chart 1


The move towards 120 levels will complete wave B of  A-B-C correction before igniting wave C to the downside below 100 levels in the medium term – Patience is the key  - see below chart 2



Support levels in the near term  : 117.52 followed by 116.90 for a target towards 120. (Invalidation level – 116.00)



Fundamental News:  BOJ Interest rate Decision this coming Friday



Chart 1 – 120 mins


Chart 2 Daily



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