USDJPY – expected decline developing; wave-E target is 97.08

The $JPY sell-off commenced right from the wave-D target at 100.59 (100.61 high). Wave-E down is now unfolding and the down trade so far is supportive of the idea as it is firmly impulsive. The decline is expected to be and a-b-c sharp 3-wave move that will carry prices to 97.08. On September 18th (FED Day) the 97.08 target and triangle uptrend align so we will look for a continuation of this new downtrend over the next week. S/t, prices are clearing support of a bearish rising wedge and the next key downside pivot is 98.54. Resistance for today is 99.62 and then 100.11. (240min)
Levels: Support – 99.15, 98.54, 97.08 Resistance –99.62, 100.11, 100.59

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