Here is what I think is going on in USD/JPY. The sharp drop the broke through support has the look of a third of a third wave, so some follow through is likely. The black wave 2 retracement was extremely shallow, so I expect a larger correction from black wave 4, which is completing as I write this. Wave 3 is approximately equal to 1.618 x wave 1. I would not be surprised if the former trend line support is re-tested. I will be looking to take a short position near this line at 90.50, with a stop at 91.05. Target is still yet to be determined.
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