USD/JPY fell nicely down to our 261.8% Fibonacci projected level over the last two days where wave 5 might completed an extended red wave 3) based on recent sharp turn back to 101.00 area. However, despite a strong intraday bounce we see the leg up as part of a new corrective rally. We are talking about red wave 4) that may rally even to 102.00-102.70 area before market would be ready for a new sell-off, then into wave 5) through the 99.00 mark.
USD/JPY, 4H
