$USDJPY hit upper level of resistance on this pair for the potential top of wave ((ii)) at the 119.96 level. Ideally this level should hold if we are going to see an immediate drop for wave ((iii)) of C of (B) down. Initial targets for wave ((iii)) come in in the 115.97 – 114.94 level with ultimate targets for wave ((v)) of C much lower. Again invalidation of this setup occurs with a break over the 120.57 level.
Originally published on ElliottWaveTrader.net, by Mike Golembesky.