In the analysis is a projection of a possible correction for the
USD/JPY pair over the long term.
I believe that price could enter a corrective move all the way
to the 113.470/80 level above, as long as price doesn't close
below 105.250 prior.
The projected path depicted has price re-testing the 61.8%
Fibo retracement level, which is also near the
intersection level of the upper and lower . I
always draw this line as a reference point for breakouts,
thus if price gets rejected at this level the breakout has
Following an pattern, the third leg would eventually
reach the 95.017 level, immediately above the 61.8% Fibo
retracement level from 75.56 to 125.856.
This is merely a long term projection, and should
not be used precisely as depicted.