Position: Short (from 109.20 on 10/6; risk to 109.89)
Trend View: I-T ↑ S-T ↓
USD/JPY 360-min [last 109.21]:
Needless to say, I have been burned on my latest couple of attempts to pick a top in this yen move. But on a daily basis it seems we have divergence into this high (chart next page) and on a 360-min view, the pattern makes sense with a standard test of the recent high, but failure, in Wave (b). If this view is correct, looking for at least a move to the Wave (a) low at 107.99 (23.6% correction daily basis); but even a minor pull-back in $-yen could force some short-term forex players to aggressively grab open profits, triggering a deeper extension of this correction down to the 107 level, labeled Wave (c) of II.
USD/JPY Daily View: Divergence into the high?