The decline from 112.40 appears to be developing an impulse wave, staying below 111.36 favors more weakness, an up-down move is still needed to complete an impulse wave (5 wave decline) from 112.40, that is likely only wave [a] of a larger zigzag decline towards 107.00 as part of a daily triangle we are currently tracking.
A bounce for wave [iv] is expected soon, followed by new lows for wave [v] to end an impulse wave from 112.40. Once it’s completed a 5 wave decline from 112.40, any bounce thereafter in 3 waves, offers readers a sell setup against 112.40 stops. Short term, look for any bounce for wave [iv] to stay below 111.36.
Sign up here to get updates for USDJPY and 8 more pairs CLICK HERE
Further details can be found on the pricing page. CLICK HERE
Use the discount code 532F4B4CCA to get a 50% discount from your first month.