USD/JPY has been correcting in wave 2 since the 118.67 high in mid-December 2016. This wave 2 correction completed at 107.30, just above the 61.8% corrective target at 106.85.
Wave 3 higher is now developing and should continue to higher towards at least 126.41 and more likely extend higher to the 161.8% extension-target of wave 1, which is seen at 138.23. Third waves is normally the strongest waves and tend to extend. As Pretcher says "Third waves are wonders to behold".
Short-term, I'm looking for a minor correction into the 108.72 - 109.17 area from where the next impulsive rally higher is expected. At no point can a break below 107.30 be accepted under this count.
Wave 3 higher is now developing and should continue to higher towards at least 126.41 and more likely extend higher to the 161.8% extension-target of wave 1, which is seen at 138.23. Third waves is normally the strongest waves and tend to extend. As Pretcher says "Third waves are wonders to behold".
Short-term, I'm looking for a minor correction into the 108.72 - 109.17 area from where the next impulsive rally higher is expected. At no point can a break below 107.30 be accepted under this count.