Elliott Wave Analysis: USDJPY Undergoing A Temporary Recovery

USDJPY found a support at 102.50 from where we are now observing a new recovery, but a minor one as part of a bearish impulse. We are tracking wave four which will normally retrace for a 38.2% back to the area of a former wave four. This interesting zone comes in around 103.50, so we would not be surprised if a new sell-off will occur from there in sessions ahead. But once new lows will be seen, traders should realize of a bounce into a higher corrective structure. Keep in mind that after any five waves market makes a minimum three wave reversal!