USDJPY Rate: USDJPY stood at 157.898 on the four-hour chart at 10:19 AM New York time, retreating from the recent high near 158.90.
USDJPY Elliott Wave Analysis
The previous forecast anticipated completion of wave x through an Ending Diagonal. The updated chart supports that scenario, with wave (5) potentially completing wave C of x near 158.90.
The subsequent decline suggests wave y may now be developing toward 157.00.
- Wave Structure: W–X–Y correction; bearish wave y potentially underway.
- Trendline: Rising diagonal broken.
- Support: 157.50, 157.00, then 156.377.
- Resistance: 158.25, then 158.90–159.038.
A corrective rebound toward 158.25 could precede another decline. Recovery above 158.90 would challenge the immediate bearish interpretation.
USDJPY News: The Bank of Japan's Junko Koeda warned against excessive caution on interest-rate increases. Meanwhile, falling US Treasury yields weakened the dollar, despite stronger-than-expected September retail sales.