“The structure of the rally from 95.72 is evidence that the larger trend remains down. The advance consists of overlapping waves and can be counted as a double zigzag (W-X-Y); which is two 3 wave segments connected by an X wave. The USDJPY is at a support line right now and coming under there as well as 103.20 would strongly suggest that a wave 4 top is finally in place.”
The USDJPY has come under 104 and the mentioned trendline so a top may be in place. Stay bearish below 105.60.
STRATEGY: Bearish, against 105.60, target TBD
