USDJPY has turned nicely to the upside over the last few weeks which now looks like a new impulsive structure. On the 4h chart we see current price turning lower from 261.8% Fibonacci level and away from the upper red trendline that turned into a resistance. As such, a new corrective set-back is now probably in play, ideally with a three wave retracement back to 108.30 area. But most important of all is that market has five waves up from the low, thus trend has changed from bearish to bullish mode that is expected to continue to much higher levels based on structure on higher time frames.
USDJPY, 4H
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