Even though USD/JPY made a new low today compared to the low that should not have been breached, it is not impossible for B waves to touch or even extend beyond A’s low. Thus, the bullish scenario for USD/JPY to target 109.00 levels again withing these two-three trading days is still on the table.
As illustrated in the chart below, as long as the top of (1) is not breached, USD/JPY should target 108.4 and 108.5 levels in the hours to follow.
Enter long either in mkt prices or 108.2-108.3 levels with Stop Loss and Take Profit as specified above.
In case our first target is met, Stop Loss needs to be adjusted at 108.250 level as that should hold if Target 2 is to be reached.
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