USDJPY Drops Into Support Zone - 121.49 Key Level

Today's drop penetrates deep enough into a support zone to consider the risk to reward ratio of a long position. The long position would be based on the current drop being wave iv and that means a wave v higher may begin soon. This pattern is valid so long as prices are above 121.49.

First target would be 124 and a secondary target up near 125.35.

Below 121.49 is significant and seals the Oct 15 to Nov 18 up move as a 3 wave move and a more significant top is in place.

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We broke below 121.49 so the alternate is activated. Blue i, ii, iii now become a,b,c and the Oct 15-Nov 18 move is corrective meaning it likely gets retraced.