USDJPY retracing towards 107.80/85?
The daily chart for USDJPY looks to be constructive for bulls till price action remains above 104.80/105.00 levels. A higher degree wave C seems to be underway, and Waves (1) and (2) within the impulse seem to be in place already. The USDJPY might have formed a meaningful bottom at 106.80/90 levels or might print yet another low as an alternate possibility but should remain above 104.80 levels. The recent rally between 107.20 through 108.89 could be seen as a lower degree impulse which could be retraced in 3 waves towards 107.80/85 before turning bullish again. A higher degree Wave (3) might be underway within Wave C. Watch out for support coming in around 107.80/90 levels, if prices manage to reach there. Overall bullish scenario prevails.
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