USDJPY is in a strong bullish mode for the last few months so current pullback is just a temporary pause within an uptrend which may see 114-114.50 region. We see this bearish activity as corrective wave 4, that seems to be unfolding as a double zig-zag pattern. If that is the case the more weakness may follow into wave C of Y), before a reversal higher into wave five may happen. Ideally we will see a low in place of that wave four by the end of this week.
At the moment price could be undergoing a minor EW triangle correction in sub-wave B of Y).
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