The USD/JPY is making a lower low as expected after breaking below the support trend lines (dotted blue). The bearish breakout could be aiming for the -27.2% Fibonacci target at 109.25, or the 50% Fib at 108.94. A break above the resistance trend line could indicate the end of wave Y (pink) of wave E (purple).
The USD/JPY broke the support trend line (dotted blue) of the triangle chart pattern yesterday with a strong impulse. The price is probably in a wave 5 (blue), although the current momentum suggests that the UJ is building a smaller wave 3 within wave 5.
