USD/JPY came down as expected and tested the lower trendline support of a potential ending diagonal placed in wave Y that can be a final part of a complex corrective drop down from 111.70. However, to call any change in trend is tricky, so it's important to follow the rules, therefore we are waiting on a possible impulsive rise, which in our case means we need five waves up from near-term support levels and above the upper trendline, ideally back to 106 area to lock the lows "in". Only then we would start looking for much higher prices.

USDJPY, Daily

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