USD/JPY was able to breach Fib.38.2%(75.32--125.86):106.55 and made a monthly
close below Pink wedge bottom line. So plunging is still continuing.
1st breakdown thru Daily MA50 line (Aug.21 2015) targeted 740 pips down to 106.08 (2 Days).--P
2nd breakdown thru Daily MA50 line (Feb.03 2016) targeted 875 pips down to 110.97 (7 days).--R
Therefore,
3rd breakdown thru Daily MA50 line (Apr.28 2016) will be targeted down to 104.41(P" )
or 103.06(R" ). I would say there would be two scenarios of P" & R"
On the other hand, we should recognize 147.67--124.14 Line is the strongest support.
So scenario P" would be much possible.
Both of wave images after hitting their targets are shown on the Chart.
close below Pink wedge bottom line. So plunging is still continuing.
1st breakdown thru Daily MA50 line (Aug.21 2015) targeted 740 pips down to 106.08 (2 Days).--P
2nd breakdown thru Daily MA50 line (Feb.03 2016) targeted 875 pips down to 110.97 (7 days).--R
Therefore,
3rd breakdown thru Daily MA50 line (Apr.28 2016) will be targeted down to 104.41(P" )
or 103.06(R" ). I would say there would be two scenarios of P" & R"
On the other hand, we should recognize 147.67--124.14 Line is the strongest support.
So scenario P" would be much possible.
Both of wave images after hitting their targets are shown on the Chart.