Nov. 9th – USDJPY

As mentioned yesterday, we got the signal on the 4-9-18 but personally I am not yet ready to change to the alternative red labeling. The 30 SMA is starting to turn and today prices are trading below it for the first time but have not closed below it yet. Turning and pointing down of the 30 SMA as well as prices closing below it would be a good indication. Breaking of the key support level as indicated on the chart would add proof to our red labeling that (5) is in place. There is also an Annual Matrix support level around the 112.550 area, and breaking that level downwards would also add to our confidence.
Looking at the structure of the move up, and the current move down that in our preferred count we are labeling as (4), we can see that wave (4) compared to wave (2) of the structure is becoming quite large and disproportionate, and we can take this also as an indication that maybe the red labeling is the correct one.
But for now, I suggest to wait for more evidence before entering this pair.