USDJPY, 1H
USDJPY made a deeper pullback than we thought, but still in a corrective fashion. Notice that move away from 121.48 is a overlapping between two trendlines so it is likely a corrective move. We see a combination of two zigzags that also reached area of a former wave four, near 120.25. We also see some nice Fibonacci levels there that can react as a support. That said, a new bullish turn can be around the corner. Rally today out of a downward channel will put this market back in bullish mode for 121.50 and then even 122.00 by the end of the week.
USDJPY : Pair Trading In A Correction
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