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Wave analysis

13.03.202308:29 Forex Analysis & Reviews: Elliott wave analysis of USD/JPY on March 13, 2023

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Exchange Rates 13.03.2023 analysis

We have seen a nice decline after the test of the 38.2% corrective target of wave A. This test completed wave B, and we should now see wave C continue lower to 124.46 and ideally closer to the equality target seen at 115.99 to complete wave C and the zig-zag correction from 151.95.

In the short term, we see resistance at 135.06 and then at 135.83, but we doubt the latter will be reached if a temporary correction occurs.

Torben Melsted
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