USDJPY Daily Chart 29 July 2013

Above is the daily chart of USDJPY currency pair . We can see a sort of  probable Head & Shoulder Formation labeled in Red font & along with it a wave count (in white font). We have completed a 3rd wave n we r in 4th wave correction . As 2nd wave is complex in nature as we can see in chart ,we can assume 4th wave to be a sharp correction . Wave c of this correction have started . We can assume this correction may ends up near 86-87 level in near future.
                                  Also initial target for HNS formation is also near 86-87 level . If deep correction occurs we can see 83 level also.