The US yields keep rising, which makes JPY very weak as stocks are also seen in an uptrend. So its’ not a surprise to see USDJPY moving higher, which however has five subwaves up within wave 5 so there can be a new slow down coming, for a corrective retracement. Kee in mind that Nikkei is also turning bullish now, meaning more gains after a pullback meaning that higher degree uptrend on USDJPY may not come to an end anytime soon.
USDJPY keeps moving higher, now already above 120.00 level but there is still a risk for a deeper pullback into wave 4, so buying here can be very risky. We still favor a pullback before uptrend resume towards even higher prices, and ideally, the retracement will show when the current wave 3) channel is going to be broken. Support could then be near 118.70 which was Dece 2016 high.
USD/JPY 4h Elliott Wave analysis