Elliott waves analysis – USD/JPY. The long-awaited breakthrough has occurred.

After a long wait, the breakthrough that had been brewing for a while finally happened. The dollar managed to surpass the resistance level and instantly updated the highs of 2022, 2023, and the current year.

As previously anticipated, this is likely due to further upward movement in price, forming wave 5 of v of the ending diagonal triangle. Currently, the price is consolidating at new levels, and it is likely to stay within a certain range for some time before continuing to rise.

The target around 155.00 remains relevant for the upward movement, but it cannot be ruled out that the price will go even higher. After the completion of the development of the specified wave, and along with it, the entire upward impulsive movement that began in 2020, a reversal is expected.