USDJPY can also be trading within wave A, as part of a bigger three wave recovery as USDCHF. Well, if that is the case, the more upside may come in sessions ahead. At the moment we see blue sub-wave iv in the making, that can see limited downside near the 111.5/111.70 region. Once sub-wave iv unfolds, a new push higher into the following leg v can come in play, with potential limited upside near the previous swing high of wave B at the 112.43 level.
USDJPY, 1H
