USDJPY Impulsive Decline Portends Further Weakness

Cycle from 10.21.2022 high is in progress as a zigzag Elliott Wave structure. Down from 10.21.2022 high, wave a ended at 127.22 and rally in wave b ended at 145.09. Pair has resumed lower in wave c. Down from wave b, wave ((i)) ended at 144.19 and rally in wave ((ii)) ended at 144.91. Pair resumes lower in wave ((iii)). Down from wave ((ii)), wave (i) ended at 143.97 and rally in wave (ii) ended at 144.65. Internal subdivision of wave (ii) unfolded as a running flat. Up from wave (i), wave a ended at 144.75, wave b ended at 143.54, and wave c ended at 144.65. This completed wave (ii).

Down from wave (ii), wave i ended at 142.54 and rally in wave ii ended at 143.41. Pair resumes lower in wave iii towards 139.3 and rally in wave iv ended at 139.75. Pair then resumes lower in wave v towards 138.06 which completed wave (iii) in higher degree. Corrective rally in wave (iv) ended at 138.95. Near term, as far as pivot at 145.09 high stays intact, expect rally to fail in 3, 7, or 11 swing for further downside.