USD/JPY made a sharp recovery last week, which gives us a suggestion that impulsive red wave 3) can already be complete at the 105.55 level. As such we see a recent rise as first wave A of a bigger pullback within red wave 4), followed by an intra-day drop which we labelled as leg B. Once wave B finds a base, a new minor five-wave recovery may unfold within leg C of 4), with possible resistance near the 109.00/110.45 area.
USDJPY, 4H
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