May 29, 2015 @ 4:45 pm – USD/JPY has declined a bit but it is unclear if this has turned down for the minute wave 2 correction. This is a powerful advance from the triangle and in my opinion is ripe for a correction. I have labelled this minute wave 1 of minor wave 5 as peaked at 124.45 and am looking for a decline next. Previous 4th wave is way down at 120.63 and this next correction could drop as low as that.
May 28, 2015 @ 5:06 pm – USD/JPY pushed higher today and the highest peak is now 124.448. This is highest level since 2007. Like talked about yesterday, USD/JPY has entered previous 4th wave triangle resistance level and this could be satisfactory conclusion for this whole large correction. My preferred count still sees this as just first of 5 waves that is still needed to complete this move up.
May 27, 2015 @ 4:05 pm – USD/JPY has stretched even higher and is now at important resistance level dating back as far back as 2007. This was back then the end of primary wave 4 triangle and started multi month decline to all time lows ( see higher timeframe chart for more info) This actually would satisfy a conclusion for this massive upwards corrective wave that started back in 2011 at the price of 75.57. We will have to see if this still has enough umph to go higher. My preferred wave count suggests that there is still more upside but be careful if you are long on this pair.
USD/JPY 4 Hour Chart
USD/JPY Daily Chart