The recent break below the double bottom opened the door for USDJPY to reach at least the 102.00 area. On 7/31/20 the situation changed. Stochastic had a bullish crossover in oversold territory.
On an intraday chart, the move up was in Elliott wave terminology - impulsive, which implies more upside. The 7/31/20 rally stopped just below the post double bottom break - mini rally high. A move above 106.105 implies more upside action.
In the short-term if USDJPY has a slow choppy decline from its 7/31/20 high and holds above 104.185 it could be a opportunity to go long.
Mark
On an intraday chart, the move up was in Elliott wave terminology - impulsive, which implies more upside. The 7/31/20 rally stopped just below the post double bottom break - mini rally high. A move above 106.105 implies more upside action.
In the short-term if USDJPY has a slow choppy decline from its 7/31/20 high and holds above 104.185 it could be a opportunity to go long.
Mark