USDJPY is displaying a strong rally away from 108.80 region where a corrective wave 2 of a higher degree was completed. Current impulsive activity now suggest that a new bullish leg is in play and is already unfolding. Recently we have seen price completed minor wave one and two, which means that current rally away from 110.93 level can be minor wave three with a projection target of 161.8 and the region where the upper channel line meets.
USDJPY, 4H
