USD/JPY has tested the 38.2% corrective target at 138.17, which also happens to be close to the peak of wave iv of A, which came in at 138.18. This is enough to complete wave B and set the stage for wave C lower towards the equality target between wave A and C at 115.99.
Short-term we need a break below minor support at 136.19 and more important, we need a break below support at 135.36 to confirm that wave B has completed and wave C is unfolding.
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