Sell at 109, target 107, stop 109.67
As per long-term forecast, USD/JPY is in wave 1 of a downtrend and we should be looking for selling opportunity. On 4h scale (green marking) we are in wave 3, the first 3 sub waves (1h yellow marking) of which are complete. RSI and Stoch are oversold, wave 4 seems building up an irregular flat with target between 108.80 and 109.30, you should expect 5 wave structure from wave C on 5min chart. I would be looking the market to start falling from 109 down to 107 area with invalidation level at 107.67.
