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    USD/JPY: breaking out of rising channel in a-b-c correction

    The pair broke down out of a rising channel, and then hit support at the Monthly Pivot at 123.85 before rebounding. It is in the C leg of a large sort of large a-b-c correction. C should probably fall further until it is at least 61.8% of A, giving an end point roughly at the Monthly Pivot again.

    A break below the 124.06 lows, would probably result in a move down to 123.85.

    USDJPY14

       
    The pair broke down out of a rising channel, and then hit support at the Monthly Pivot at 123.85 before rebounding. It is in the C leg of a large sort of large a-b-c correction. C should probably fall further until it is at least 61.8% of A, giving an end point roughly at the Monthly Pivot again.

    A break below the 124.06 lows, would probably result in a move down to 123.85.

    USDJPY14


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