The Elliott Wave pattern for USDJPY favors a complex wave that began in December 2016 and is nearing completion. We are observing a channel line near 105 and the 78.6% Fibonacci retracement near 103 as potential reversal points. We have been bearish USDJPY since January 4 awaiting a break of 111.98. On a subsequent sell off, we argued the pattern might see a continuation of the trend below the Sept 2017 low of 107.31. Now that USDJPY has broken to new lows, what is next? The higher probability Elliott Wave pattern we are following is that USD/JPY is in a complex ‘B’ wave that likely holds above 103. Therefore, the ... (full story)