4 hour
The USD/JPY is following the path of least resistance mentioned in the wave analysis earlier this week: a turn at the 38.2% Fibonacci resistance level at wave A (orange) followed by an ABC deep correction within wave B (orange).
A bullish bounce could complete wave B and start wave C, but this ABC zigzag is invalidated if price manages to break below the 100% Fib at 108.73.
1 hour
The USD/JPY indeed completed an ABC (purple) as expected within wave B (orange).
Origin: Admiral Markets
