USD/JPY - Topped or is one final new high needed?

USD/JPY - Ending diagonal to a new high for the year

USD/JPY has it topped or is a final new high needed?

The break below 119.19 indicated that a top could be in place at 122.02 and a correction of the entire rally since the 75.56 low is developing. That said, we have to acknowledge that one impulsive structure does allow for overlapping waves and that’s the ending diagonal. If this alternate count is unfolding, we still need one final rally to new highs just above the 122.02 high and likely not above 123.52 before the major correction takes over. 

To confirm the top is already in place a break below support at 118.30 and more importantly a break below 115.83 is needed. 

 

Roelant Mier
2020-03-31
I have been following you for years (paid membership at the time also).

Still 100% impressed with your calls. Coffee, oil, and Natgas working out well!

Thanks for all you do
Roelant
Duane
2014-05-26
Great job this week!! Wish that I had more capital to capitalize on all of your great calls! The ones that I have managed to catch have been extremely profitable. I really appreciate you sharing you v...
Roelant
2019-06-14
Dear Elliottwavesurfer,

Awesome action in your crude oil surfing 2019! Jumping these waves is a sure way out of economic slavery.
You deserve a slot on MSM. But that would be the end unfortunately...