In one of the earlier posts I suggested that USDJPY was about to reverse and go down. Not just yet. The down movement that currently happens lacks downward momentum and is therefore a correction. Once complete, it will be more than fully retraced by the larger trend which has started in wave 1 earlier in May and June.
I would like to suggest that the shape of wave 1 was a zigzag and therefore wave 3 and 5 are also going to be zigzags: this will form and ending wedge instead of a regular impulse. Another alternative to this is wave A of a zigzag was actually wave 1, and wave C is actually wave 3 - also possible and we'll need to monitor the strength of further upward movement in order to get clarity on this.
I would like to suggest that the shape of wave 1 was a zigzag and therefore wave 3 and 5 are also going to be zigzags: this will form and ending wedge instead of a regular impulse. Another alternative to this is wave A of a zigzag was actually wave 1, and wave C is actually wave 3 - also possible and we'll need to monitor the strength of further upward movement in order to get clarity on this.
