Trend is bullish in USD/JPY 4 hours time frame. Vital support could be seen around 122.92 price level. Since last Friday, price is moving sideways. I expect price to complete bearish Wave C leg. Based on Elliott wave pattern, market is probably going to remain sideways for the time being. Next, expect a new high in price. If bearish candlestick closes below 122.92 critical support level then up trend is going to end. In this case, I would prefer to stay out of the market and re-analyze the price action.
