USD/JPY is about to finalize it’s Bearish Retracement, with Minor Wave Y (red) about to end, and with it, the Intermediate Corrective Wave 4 (blue), at the 38.2% Fibonacci Measurement of Intermediate Wave 3 (blue).
Intermediate Wave 5 (blue) should begin in order to complete the Primary ABC Cycle (green).
Levels to Watch:
Aggressive – 111.50
Conservative – 111.00
Highest Probability – 109.30
Entry Scenarios:
If Price Action Breaches through the Channel on the up-side (see Pitchfork ), then a Flag Formation would trigger and confirm the start of the Up-Trend.
If Bearish Continuation until 111.00, then a Bullish Divergence would act as a reliable Buy Signal.
Entries: 111.50 & 111.00
SL: 108.92
TP: 120.00