On the intra-day chart of USDJPY we are observing a corrective three-wave recovery in the making. Recently price completed a five wave impulse to the downside within blue wave a, which means some slow and choppy movement was expected to follow. At the moment we see price trading in late stages of sub-wave b), so we expect final push to follow in the near-term into red wave c) of b. Resistance for wave c) may later be found around Fibonacci ratio of 50.0 or 61.8.
USDJPY, 1H
