JWagnerFXTrader
Long

USDJPY Drops Into Support Zone - 121.49 Key Level

FX:USDJPY   U.S. Dollar/Japanese Yen
872 2 18
Today's drop penetrates deep enough into a support zone to consider the risk to reward ratio of a long position. The long position would be based on the current drop being wave iv and that means a wave v higher may begin soon. This pattern is valid so long as prices are above 121.49.

First target would be 124 and a secondary target up near 125.35.

Below 121.49 is significant and seals the Oct             15 to Nov 18 up move as a 3 wave move and a more significant top is in place.

Keep abreast of real time news in USDJPY             .
Comment: We broke below 121.49 so the alternate is activated. Blue i, ii, iii now become a,b,c and the Oct 15-Nov 18 move is corrective meaning it likely gets retraced.
and for short-term outlook ?
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yes! and interestingly enough, if you look at the FXY currency ETF it has been forming a barrier expanding triangle which should fire short! (short FXY vs long usd/jpy pair , same thing)
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