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USD is not moving much now, but we still think that USD strength is behind the corner and that wave 4) is near completion on USD index chart. However, we still need some strong bounce back to 103.00 to make sure that we are going straight to the upside. If another leg down is coming, then watch out for 100.70 support.

USD Index, 1H

If USD index is going to climb higher from here then we can expect more upside on USDJPY also, especially if we consider that stocks are still in bullish phase. In fact, USDJPY has a nice and clear Elliott Wave structure, a complex correction down from December highs that can be near completion with the current ending diagonal in wave C. We, however, are still waiting on a strong bounce in impulsive manner, back above 115.45 before we can call  for  Resumption of an uptrend.