Chart of the Day Update: Usd/Jpy

4 Hour chart trend: Mixed. Main price points: 89.19, and 91.62. Looking for: 91.62 to hold

The yen is still trapped between two major prices points; the 89.18 lows and 91.44 highs, and as such two wave counts are still possible.

The first and primary wave count is an extended red wave III, where a break of the 89.18 lows will put a 88.00 target in play. In this case the 91.62 top must hold, otherwise we will look for the second, alternative wave count.

The alternative wave count (circled labels) is showing a clear A, B, C zig-zag correction, which signals for new highs of a blue wave B) to come. The confirmation comes at the 91.62 break, if 89.18 support holds.

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