USD/JPY started recovering from the 101.16 level, giving us first evidence of a completed higher degree wave C), and that a new, three-wave A-B-C rise for a leg D) is in play. At the moment we see price ending a corrective wave B of D) at 106.03 level, meaning price can be turning higher for a leg C with five waves. That said, a rally in five legs of a lesser degree, and above the 109.84 level would be bullish for wave C of D).

USD/JPY, daily