USDJPY broke sharply to the upside in the past few days, clearly making an impulsive rise that is still incomplete, but as always pullbacks can occur. A new corrective setback could be seen here in the upcoming sessions, as we can count five waves up within an extended red wave 3) which is already turning down from above the 124.00 level. That said, traders must be aware of a retracement back into the 122.80 area before the uptrend may resume again.
USDJPY 4h Elliott Wave Analysis
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