USD/JPY made a nice and clear impulsive structure from the 105.55 level, which can be a sign that bigger red wave 3) is complete, and that a bigger correction can be underway. We see current rally as wave A, the first leg of a minimum three-wave retracement within wave 4). We can see that price is just turning down from 107.9 level, probably for a minor correction into blue wave iv, before a new and final leg v takes price higher. All said, once wave A fully unfolds, a new three-wave pullback as wave B may show up.
Disclosure: Please be informed that information we provide is NOT trading recommendation or investment advice. All our work is for educational purposes only.
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