USD/JPY is falling sharply for the last few weeks, clearly with impulsive price action down from 115.50, but if we take a look at the whole bearish cycle from December 2016 high, then we need to be aware of a new significant turn.
The reason is a three wave structure, which in Elliott Wave terminology represents a corrective price move, but it's important to wait on a confirmed low of a wave C) before we may turn bullish. With that being said, we would need an impulse back above 113.00 to confirm end of a bearish cycle.
At the moment we see price undergoing an intra-day reaction higher, which could be the first sign of a completed higher degree correction and more gains to follow.
USD/JPY, 4H
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