USD/JPY - Please see my post from August 8 here first:
http://theelliottwavesufer.blogspot.dk/2012/08/elliott-wave-analysis-of-eurusd-usdjpy_8.htmlOn August 8.th I said, that wave i of 3 might be a leading diagonal and the price-action of the last couple of days seems to confirm this view. It's still early in wave iii, but if my count is correct we will see wave iii move much higher. I suspect we could see 79.92 tested for wave iii.
The rally of the 78.09 low tested on June 1 has been anything but strait forward, but this is typical wave 1 and 2 behavior.
As long as support at 78.16 protects the downside I will keep the bullish count and look for a break above 79.43 that would confirm, that the decline from 80.63 only was a correction.
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