USDJPY Continues Higher Within Corrective Recovery

USDJPY continues to follow the projected three-wave (A)(B)(C) corrective recovery as shared back on August 6, with wave (C) still appearing to be in progress. CHECK IT HERE
The recent price action remains constructive, despite the brief slowdown seen yesterday after the softer-than-expected US CPI report.

From an Elliott Wave perspective, the pullback appears to be a subwave 4 correction within the ongoing wave (C), rather than the start of a larger reversal. As long as the current structure remains intact, there is still room for another push higher in subwave 5.

The main level to watch on the upside is around 160, which remains the projected resistance target for the final part of wave (C). Once this area is reached, we could see the corrective recovery complete and a larger reversal to the downside develop.

For now, the structure remains supportive of further upside, but traders should stay alert for signs that wave (C) is approaching completion near the 160 area. All eyes are now on today's US PPI inflation data!