1. Price making a wave b correction and moving up to 111.6 price level. It is expected price will be bullish today up to this price level.
2. After finish It will go down to impulse wave downsouth. Price level as per chart.
1. 111.6 price corresponded to 161.8 fib level at H4
2. Instead price went hulk to 261.8 fib levels at 112.6 an extra 1000pts.
3. Next setup os bearish. I like USDJPY because it follweed wave analysis quite well.
We also have a nice reversal candle (reverse hammer) on daily chart.