USDJPY Rate: USDJPY stood at 158.061 on the four-hour chart. Price is consolidating following its recent advance.
USDJPY Elliott Wave Analysis
The Elliott Wave count shows wave w completed at 156.377, followed by corrective wave x. Its final wave C appears to be developing an Ending Diagonal, with wave (4) potentially complete and wave (5) targeting 158.90–159.00.
- Wave Structure: Corrective advance; bearish reversal possible.
- Trendline: Ascending diagonal.
- Support: 157.80, then 156.377.
- Resistance: 158.90–159.038.
- Current Range: 156.377–159.038.
A final rise could complete wave x before a bearish reversal. A sustained break below the diagonal's lower boundary would challenge the immediate bullish leg. The Fibonacci projection remains unconfirmed.
USDJPY News: Japan’s wholesale inflation rose 6.8% annually in September, keeping Bank of Japan tightening expectations relevant. US CPI is due October 14 at 8:30 AM Eastern, potentially influencing dollar-yen volatility.