USD/JPY May Reverse Higher Around 108.30/109

USD/JPY broke sharply higher recently, out of a triangle, so recent push up was fifth wave, final leg within impulsive wave one that appears completed now after recent strong bearish turn. Current wave down from 111.47 is acting like a small impulse, so it’s a wave as part of a three wave decline back to 108.30-109.00 area where we expect a new strong bounce in June.

USD/JPY, 4H

USD/JPY 4H Chart

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