arash_summe
Short

USD/JPY It's a Bear

OANDA:USDJPY   U.S. Dollar / Japanese Yen
This pair has been recovering from the flash crash and despite the yesterday negative data for USD and today positive Nikkei Mfg PMI data for JPY, we still have a uptrend for this pair; but now price has reached to the 38.2% retracement and there is a good chance for the price to fall down. In this case we have a zigzag with a very small c-wave as a correction. It is quit possible that price continue upward until 109.430 level which is 50% retracement and after that we have a sharp movement at least to the 104.747 level which is the end of the zigzag's a-wave of the larger degree.
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