USDJPY Is Unfolding A Five-Wave Bearish Impulse

8月7日

USDJPY is in an impulsive decline from the highs, which is now even extended in the 4-hour chart, so it's probably wave 3 of a five-wave bearish impulse within higher degree wave (A).

It recovered a bit, but it looks like a three-wave corrective pullback in wave 4 only, touching base channel support line as a resistance, so be aware of a bearish continuation for wave 5 of (A) towards 140 – 138 area before we will see a bigger corrective recovery within wave (B).