USD.JPY may be topping just below $109 round, UJ retrace watch

UJ looks to be topping, both via Fibs and via price action.
Dollar has been weak against other currencies already,
There are some US econ reports coming out this hour.

IF risk sentiment goes sour, THEN this would be a perfect top.
Even if the news is non-comittal, this cross looks overbought.
If we break about $109 round, be wary of a "Blow Off Top".

$ 108.51-108.57 is support which if holds invalidates shorts.
$ 107.82-107.85 is likely target if profit taking comes in.
$ 106.74-106.78 would be the Ideal Long if we go there.


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NZD.USD bounce Call (massive profit, no drawdown)
EUR.USD short call (in time, to the Pip)
EUR.USD short Call (perfect top, huge profits)
EUR.USD trend Short (the very tip-top a year ago)
USD.CAD short call (perfect entry, huge profits)
GBP.USD dip Call (just in time, quick 70 pips)
DXY toping call (Upthrust warning just in time)
USD.JPY short to long (recent perfect entries)
AUD.USD trend Short (perfect short a year ago)
XAU.USD top call (exact top pegged)
XAU.USD to $1367? (caught most of the spike)
XAU.USD bounce call (perfect entry, huge profits)
XAU.USD long to short (recent perfect entries)
Silver Bounce scalp (Perfect entry, still in play)
Copper Bounce call (Prefect entry, almost done)
SPX recent Bounce (Fib extensions at work)

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Precision is the way of the Fib. Almost every turn happens at a Fib Line.

Comment:

So it seems $108.9 was indeed "supposed" to be the top.

It got run up a little higher at first for a probe to test stop losses.
Then the FOMC news was the excuse needed to run numerous stops above, before bringing it down.

Zooming in a bit and adding a "Pulse" fib in blue (Pulse as in minimum increment of movement) we see why it paused here

We should have a pretty good drop over the next couple weeks or so, will measure and post targets asap.