The USD/JPY looks to have been rejected just beyond the 38.2% Fibonacci of the last move downwards, and the black X may be complete. A double zig-zag formation is likely (being the most common form of correction), with an ABC down to the red X still to come. I have taken a short trade from where I removed my long positions at 91.80. I have been following USD/JPY closely combining my wave counts with Delta counts and have a high confidence in this setup. I expect weakness in the USD against the Yen over the coming week or so, before a sharp move upwards in the pair.
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