Here's a view of the WEEKLY on the USDJPY
. It sits between two horizontal areas of support. I've also drawn a grid on an angle based on the first 1-2 move up. It's surprisingly often very relevant. SO>>> has the JPY bottomed yet against most of its counterparts? In Elliott Wave
Theory, this last wave 5 UP to the top, appears "Extended" Extended wave 5's are almost always reverse fully. So there still is some downside possibility to around 105.00 if the last leg of the correction is itself an extended wave 5. BUT... the move could have ended at 107.63. Can't be sure yet. Next week should offer some big moves in JPY pairs. Some will thrust to new final lows and others may start a steady climb up back towards the skies. It's too early to say the turn is in for sure... But it is very close.