Daily chart trend: Short. Main price points: 87.10, and 97.77. Looking for: Wave A) low
On the daily yen chart, prices reached new lows in the past week, which means that a long pull-back of wave B) is not confirmed just yet. However, we need to check the four hour wave structure to see if the wave A) bottom is anywhere near for a potential bounce into the long corrective wave B) leg. Right now that looks to be a possibility, and as such we may see the daily chart start to form a long reversal structure.
4 Hour chart trend: Mixed. Main price points: 88.00, 90.43, and 91.10-90.50. Looking for: Move higher
Yen prices have found support around the 88.80 area, which could be the low of wave B, as mentioned yesterday. Wave C may already be developing with a following break through the upper resistance line and 90.43 wave A top, which will put a new up-side target in play. The first, and minimum, target of this scenario is shown at the 91.10-91.50 area.
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