The 4 hour is turning up against 3/09/2020 low (101.19). 1 hour is turning down against 107.46 high. Near-term, while bounces fail below 107.46 high and more importantly below 109.85 high expect pair to extend lower to correct the cycle from 3/09/2020 low in 7 or 11 swings before upside resume.
Sell USDJPY
@108.10-55
Target: 105.00
SL: 109.50
Good luck
The pair is favored to remain in a cycle higher in wave (1) from the 8/26/19 lows where the daily is turning up. The 4 hour right side is up from the 107.63 lows where wave 4 ended. While a pullback remains above the 109.75 lows where the hourly is turning up the pair can see the 111.00 -111.50 area in wave 5 of (1) before it corrects the cycle up from the 8/26/19 lows
