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    USD/JPY: probably renewing up-trend after a-b-c pull-back

       
    The USD/JPY appears to have just finished pulling back in an a-b-c correction, the middle B wve of which was a triangle. It has now started going higher again. This seems to be indicating the broader up-trend is renewing. Ideally I would want to see a break above 124.10 for confirmation, generating a target from there at the 124.40 highs.

    Alternatively the pair may correct back further first, and if it recapitulates back down below the 123.00 lows then this would signal a continuation down, to a probable initial target at 122.43.
    USDJPYmodel

       
    The USD/JPY appears to have just finished pulling back in an a-b-c correction, the middle B wve of which was a triangle. It has now started going higher again. This seems to be indicating the broader up-trend is renewing. Ideally I would want to see a break above 124.10 for confirmation, generating a target from there at the 124.40 highs.

    Alternatively the pair may correct back further first, and if it recapitulates back down below the 123.00 lows then this would signal a continuation down, to a probable initial target at 122.43.
    USDJPYmodel


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