USD/JPY Analysis (March 24, 2021)

As you can see. USD/JPY finished 3 waves up and now is trading in a beautiful falling wedge which, according to the Elliott waves principle, is considered wave 4.

Also, the falling wedge (wave 4) retested the previous wave IV of wave 3 giving us more confirmation for an upside move coming. Our first target for wave 5 will be (110.300) if we take wave 1=wave 5. Breaking the 110.300 level will push USD/JPY towards the 111.250 level which is 161.8% of wave 1.