Below you will find an update on USDJPY from Jan 04, 2021, when we highlighted a potential reversal. For that article click here.

USDJPY is nicely recovering after we noticed a completed ending diagonal and bottom formation at 102.60 lows. The price action looks strong and impulsive now and seems like it's unfolding five waves up into a higher degree wave A/1 from the lows, which confirms a bullish reversal that can send the price even higher within wave C or 3, but ideally after a corrective pullback in wave B/2 because we know that after every five waves, a three-wave correction occurs.

Be humble and trade smart!

USDJPY, Daily

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