Monday, August 25, 2014
USD/JPY - Wave c of the flat wave B-correction is likely over at 104.29
I have been looking for a retest of the 104.13 high to end wave c of the flat wave B, with the test of 104.29 this is more than fulfilled and I will now be looking for a break below minor support at 103.81 and more importantly a break below support at 103.47 as confirmation, that wave B is indeed over and wave C lower to at least 99.30 is developing.
At 99.30 wave C will be equal in length to wave A, if the top is in place at 104.29. Short term the risk is a continuation higher to 105.44 in a larger flat correction. This is not my preferred count, but until we have proof, that wave B is over, this is the risk scenario.