The initial downside USD/JPY target after the completion of the Ending Diagonal (the point of origin of the ED) at 92.21 has been reached, however the fall did not maintain momentum and price has reversed in what seems to be a corrective manner. I believe the USD will push slightly higher to just over 93.00 before dropping southward once again. As you can see the 93.10 level is the fourth wave extreme of the smaller cycle and also the 61.8% Fib of the impulse down from the top. If this count is invalidated, risk on this trade is fairly limited as all stops for any short positions taken should be placed just near the recent high at 93.60.
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