USD/JPY: "High Wave" led to correction

USD/JPY: "High Wave" led to correction

2111usdjpyH4 (1).png

There's a bullish "High Wave" pattern, which has been formed at the last low. Therefore, the market is likely going to reach the 55 Moving Average, which could be a departure point for a decline.

2111usdjpyH1 (1).png

The last "High Wave" led to the current bullish correction. The main intraday target is the 144 Moving Average. If a pullback from this line happens little later on, there'll be an option to have a decline towards the nearest support.

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