USD/JPY It's a Bear

This pair has been recovering from the flash crash and despite the yesterday negative data for USD and today positive Nikkei Mfg PMI data for JPY, we still have a uptrend for this pair; but now price has reached to the 38.2% retracement and there is a good chance for the price to fall down. In this case we have a zigzag with a very small c-wave as a correction. It is quit possible that price continue upward until 109.430 level which is 50% retracement and after that we have a sharp movement at least to the 104.747 level which is the end of the zigzag's a-wave of the larger degree.

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