A decline from 125.80 to 116.15 was made in three waves,
so we think that pullback from the last few months was nothing else than just another correction within ongoing uptrend that is in play already since 2012. In fact, reversal up from 116,
at the end of August, was sharp so it belongs to a minimum three wave rise, that is now in play. So actually move could be only temporary and corrective A-B-C recovery, but ideally we will see an impulsive rally up into wave five that will be targeting new highs by the end of the year. We may see extension up to 127 once the trendline resistance from 125.80 is taken out.
USDJPY Daily.
On the lower time frame,
USDJPY has turned slightly lower recently so it seems like that pair is forming a bigger and more complex corrective pattern.
We are looking now at wave four of a higher degree which can complete a sideways move this week.
We are tracking a triangle, currently with price now in wave e) so pattern can be near completion.
Ideally support will be found around 122.50.
We favor longs at market against 122.20 stop.
Target 124.00
USDJPY 4H.
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