USDJPY— Looking for an explosive rally in Wave 3(Alternate View)

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USDJPY— Looking for an explosive rally in Wave 3(Alternate View)

From last update, I was expecting a leg down –which is shown by blue oval shape. Since last low@106.35- (Not Discussed in This Forum)

Alternate Situation
Prices are making higher highs & higher lows on lower degree which has been retraced by 80% - so, if dollar yen starts moving above 107.50—That could be first clue that it wants to go above 111.45 –which is previous high.

Previous Situation
If 106.35 is broken then we can look deep retracement above 105.54 as that is the key level or fulcrum where the pair shall revolve post breaking 106.35.

Key Levels—106.35, 105.54

Regards,
Abhishek H.Singh, CMT