USDJPY Daily
Minor wave 4 is unfolding as a running flat from the January 2026 high. Wave ((a)) declined to 152 in February, wave ((b)) advanced to 164.4 in August, exceeding the start of wave ((a)), and wave ((c)) is now in progress.
Within wave ((c)), waves (i) through (iii) are complete, with (iii) terminating in the 153.9 to 155.9 zone, and wave (iv) is now retracing with price at 159.060. Wave (iv) should terminate between 158.571 and 160.633, the 0.382 to 0.618 retracement. Wave (v) then completes wave ((c)) and Minor wave 4 at 153 to 154.
That terminus is the key detail. Wave ((c)) finishing above the wave ((a)) low at 152 is what makes this a running flat rather than a regular or expanded one, and running flats are among the more strongly bullish corrective structures. The final leg falling short indicates the underlying trend is strong enough to prevent a full retracement.
Once wave 4 completes, Minor wave 5 resumes the advance toward the weekly objective at 170.
A move above 164.4 invalidates the flat.Sep 7, 2026 11:36am
Key Levels
Support0.382 level and the wave (v) target completing wave ((c)) and Minor wave 4
Resistance0.618 retracement and the upper edge of the wave (iv) bounce zone within wave ((c))
InvalidationA move above this level invalidates the running flat
Next Target0.236 retracement of the higher degree move, wave (v) target
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