The USD/JPY bearish momentum remains strong. Price has now reached the -27.2% Fibonacci target but a bearish continuation is likely when taking into account the strong price action.
The USD/JPY is most likely in a wave 3 (purple) of a larger bearish wave C (pink). The next target is probably the -61.8% Fibonacci level.
The USD/JPY seems to be building an internal 5 wave (green) pattern within wave 5 (blue). The current wave is likely an impulsive wave 3 (green) and a correction for a wave 4 (green) could eventually occur before price makes a new lower low to complete wave 3 (green).
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