USDJPY : Correction Within Downtrend
USDJPY can be moving even lower for the next few days, so we adjusted the wave count, but we are still tracking a corrective blue wave 4-circled that can be even a flat correction, rather than a double zigzag. The chart shows now a minor consolidation in wave 4 so new lows can occur in wave 5 of C) that can be looking for a bottom then around 110 psychological level.
On the lower time frame, USDJPY is moving sideways, it appears to be trapped in 111.00 -115.00 range that can be even a triangle in fourth wave. If that’s correct then price will stay in range for few more sessions as waves d and e are still needed. Based on latest price action we stay bearish on this pair as long as price trades beneath 115.96.
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