USD/JPY has developed a nice rally since the 103.00 low in November 2020 and more should be expected in the weeks/months ahead. If a simple zig-zag correction is building, then a continuation higher to 149.00 should be expected. However, we also see a clear S/H/S bottom that calls for a continuation towards the S/H/S Target at 173.60.
As always nothing in the financial markets moves in a straight line, so periods of consolidations/corrections should be expected. The underlying trend remains higher at least towards 149.00. If it is tested, then let's review the rally from 103 to see if circle wave C is complete or if more upside towards 173.60 should be expected.
