USD/JPY Completing 5-Wave Sequence Down From 121.68
Gregor Horvat | Feb 08, 2016 04:20AM ET
USD/JPY is currently in the process of completing the 5 wave sequence down from 121.68 level, where we labeled end of black wave B, to potential lows which we expect on larger time frame. Currently price is in a corrective retracement in blue wave iv, that could ideally turn to the downside around our fibo. ratio at 23.6 or 38.2 level. This pullback might also find its resistance at the lower side of the channel line soon and trace out finishing 5 wave close to 115 levels.
USD/JPY, 1H
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