USDJPY Approaching Former Swing Lows That May Reach As
A Resistance
USDJPY gapped higher on Sunday and then
reversed sharply lower on Monday during the US hours when stock market fell. As
such, wave (v) was a little short but still valid because pair reached new high
at 94.53 and completed black wave 3. As such, we suspect that pair is now in a
three wave retracement lower in wave 4 that may reach 90.00 level. One
possibility is also a flat in wave four if rally from 90.92 will be in five
waves.
If wave count below is correct, then pair
should reverse lower 92.80-93.20 resistance; former swing lows.
