USD/JPY - Looking for further downside to about $104.400. Although today's FOMC meeting is likely to increase volatility, but I think a lot of it is already priced into the market. We'll see.
Is there a major change in the trend about to occur or deepen? I believe it's possible.
A broken clock is right twice a day.
USD/JPY - 5th wave? Still short. It looks like wave 5 is coming.
It looks like the beginning of a cypher pattern, which leads me to believe the odds of a wave 5 have gone up. Also, the MA's are still holding strong in a downward direction.
It's ways off, but if we do have a wave 5 developing I'm predicting it will land in this range, although it's always possibe we're currently in a wave 5 and awaiting correction phase.
This one may not be over. I'm now thinking the 5th wave will be developing soon.
Cypher pattern and it wouldn't last long on the 15M timeframe, may not even take. Although these patterns work pretty good overall.
To the best of my knowledge this is looking more and more like a textbook case. It will be interesting to watch.