On the 4h chart of USDJPY, we can see a strong recovery taking place, from around the 108.12 level where a bigger three wave A)-B)-C) pattern was completed. That said current reversal is viewed as wave 1, the first wave of a possible five wave development that may take weeks to unfold. A decisive breach above the previous wave 4 at 111.64 level would be a confirmation for higher levels to come, but as always be aware of a corrective set-back; in our case sub-wave 2.

USDJPY, 4H

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