Hi traders, the USD/JPY is continuing lower within the wave 5 (green) of wave A (blue) and could be aiming for the Fibonacci targets at 107.50.
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The USD/JPY is expected to make a bullish correction once price completes the wave 5 (green) at the Fibonacci targets. The expected wave pattern suggests that price will make a bullish ABC pattern within wave B (blue) before making a final swing down to complete the wave 2 (purple) correction.
The USD/JPY is now testing the support trend line (blue) and a bearish breakout could indicate the continuation for a final wave 5 (orange) of wave 5 (green). Price is expected to show a bullish bounce around the support zone of 107.25-107.50.