Based on the current wave count, USDJPY is in (v) wave. Since (iii) is shorter than (i), the current (v) wave cannot extends 100% extension of (iii). Therefor the absolute lowest point (v) count finish is 111.931. Otherwise, this wave count is invalid. Even then, the outlook near term is still bearish below the pitchfork structure.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.