USD/JPY Elliott Wave
Since our last analysis the USD/JPY pair was trading in a downward move, corrective A wave (coloured blue) of the bigger (B) wave (coloured green) was developing. Yesterday during the Asian and European sessions we could observe descending movement from 82.82 towards the 82.25 level. Therefore, during the New York session the USD/JPY pair continued trading in a bearish mood and the price reached a new daily low at 81.18 level. At the moment this major pair is trading around 82.14 level and we are expecting to see the price around 80.50 level soon. In accordance with our wave rules and taking into account that the wave B should retrace 61.8% of the wave A, we can define the potential targets with measuring wave A with take profit at 80.51 (61.8% of wave A). To reduce the risk, we can use resistance at 82.80 level as stop loss.

Support and Resistance
(S3) 81.95 (S2) 82.17 (S1) 82.30 (PP) 82.52 (R1) 82.74 (R2) 82.87 (R3) 83.09

Trading Forecast
Proceeding from Elliott Wave rules today, the price is expected to begin the downward movement. That is why short positions at level 82.10 with stop loss 82.80 and take profit at 81.51 are recommended.