This is part of my weekly analysis newsletter that is sent out every week to subscribers. Use this analysis in addition to your own analysis of the markets.
USDJPY is currently making a correction and consolidation near its lows where I have marked as the end of the MAJOR wave A. If this wave count is correct, then there is nowhere to go but up in the long term. But in the short term, there are still some substantial moves that will happen before any sustained trend will occur.
Given that the Fed rate decision is in 10 days, be careful about taking any trades.
There are 2 POTENTIAL patterns that are already in play and relevant to my analysis: A Gartely (yellow) and a Bat (green). There is also a POSSIBLE Bat (blue) that may become a POTENTIAL Bat depending on further price action.