Could we see a drop toward 95 before a lasting upside move?
USDJPY has completed a 5 waves upmove and is in a consolidation pattern.
The most obvious pattern I can see is a falling wedge (blue) that would need completion lower.
A fall below the 100 mark could be seen amidst a risk off / market correction. Finally, we could have a typical false Breakout of the fallling wedge to tag the bottom line of the rising channel, before upside continuation.
I will monitor the pair and stick with this view until the falling wedge breaks.
The most obvious pattern I can see is a falling wedge (blue) that would need completion lower.
A fall below the 100 mark could be seen amidst a risk off / market correction. Finally, we could have a typical false Breakout of the fallling wedge to tag the bottom line of the rising channel, before upside continuation.
I will monitor the pair and stick with this view until the falling wedge breaks.