For the second consecutive day, the USD/JPY is recovering from its sharp losses, which extended to the 13-month high support level of 139.60.

Yesterday, the S&P 500 index reached a new record high of 5,670.81, briefly surpassing the previous high from July 16 before reversing and closing just 0.03% higher.

 Looking for upside into wave {v} as we are trading within the parallel channel where we could eventually seek for support within wave {iv}.