Since UJ made 107.665 low- it has been moving into consolidation & toughest one to crack- even the best of best traders get confused but let us leave that apart & move forward. If we get close above 108.50 which is important resistance for UJ & faster retracement of the same falling leg would be 2nd clue to confirm that second leg-X wave is in place & we shall have upcoming Y-wave which will retest zone 110.30--110.75 else breach of falling channel on downside could expose USDJPY to more weakness. Trade with care, Regards,Abhishek H.Singh.CMT
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Trendline running from W came as lifeguard & took short @108.10 for previous lows 107.65...Let us book & exit