USD/JPY is currently trading with a bearish bias. The pair made a corrective move downward but could not close along the anticipated support level 122.36. We still anticipate further downward movements, such that wave (4) should end at 122.36. Which should then mark the beginning of wave (5). This corrective move can also be witnessed in another strongly positively correlated pair HKD/JPY, we therefore remain short in USD/JPY as long as HKD/JPY also trades short.
Remain short in both pairs, but with TPs in USD/JPY at 122.36, or along the support trend line. Buy from 122.36