ewave88

USDJPY doing corrective rebound before final fall

FX:USDJPY   U.S. Dollar / Japanese Yen
76 0 2
After hitting the low of 107.63, it has consolidated upwards to a high of 109.70 and is now in between.
I believe 107.63 was a wave<3> low, and it is now doing a wave<4> correction which can come in a variety of wave counts and patterns.

Currently, my preferred count is this wave<4> comes in the form of waves, of which 109.70 was wave and a sharp fall to 107.80 was wave. Now it should be doing wave which consists of waves-a-b-c as shown. Wave-a was about 165pips. Depending on where wave-b ends (so far the low of wave-b has been 108.78), wave-c could be around the 110.50 level.

If that rally comes, then USDJPY             would have completed wave of wave<4>. From there, it could quickly reverse and fall quickly on wave<5> of wave(5).
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