USD/JPY Prepares for an ABC Correction Before a 5th Wave Rise

2024.10.07 11:00

 Bullish to Bearish: We are currently @ 148.18 in a channel and a third wave. We are anticipating an ABC Down before a resumption of a 5 wave up. If we can break support @ 148.10, we should continue to the support @ 146.50.  Watch for a bounce there. The pair should prove it out when the market opens. It’s Daily ATR is 218 pips, and its 90-day average is 178 Pips a day. My Analysis says the is down.