This USDJPY scenario is based on the fact that any three waves structure as a flat pattern needs to retrace minimum 61.8% and this retracement means that we should see another move above 121.34, where the mentioned level stays. It is difficult to imagine what would cause the spike there but we as technicians are not supposed to ask those kind of questions. What we do is we look on the left side of the chart and make a forecast for the right side, where projections are supposed to come true. However, there is still a move lower that needs to take place as the current bounce from the now famous 116.20 is not impulsive, but corrective as well. So you see, we’re looking for a dip below 61.8% of a lower degree, to buy for a move above 61.8% of a bigger degree. In plain English, we are interested to buy any dip below 117.50 for a move above 121.34, having the 116.20 as a stop.