There is a very clear AB=CD
pattern emerging that could possibly end at the critical 124.000 - 124.130 level. In addition, there is another smaller ab=cd
pattern within the larger AB=CD
that looks to be working on it's ab leg that may establish it's b point within the next 1-2 days at/near the X point which is also the most recent swing high of the larger weekly up-trend. This lends more credence to the b point being established there. From there, I expect a 0.382 retrace back to the c point and then the cd leg up also ending at.near the critical S/R 124-124.130 level. This level is also the 1.618 extension
of both the main AB=CD
pattern AND the smaller ab=cd
If my projections hold true for the AB=CD
and the smaller ab=cd
pattern, this will also complete a potential Butterfly pattern
The 124-124.130 level is critical because it marks the most recent major MONTHLY swing high and is also at the minor 70.7 fib level. I expect that there will be many sell orders sitting there waiting to be triggered so I am expecting a large reversal at that level.
But I will caution that any reversal will NOT trigger a MAJOR TREND change as I am expecting that prices will eventually reach to the 133-135 levels. See my USDJPY MONTHLY outlook
for those projections and reasons why I think this.