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. On very short term charts, the drop from 105.70 is taking an impulsive form. A bearish bias is warranted against 105.70.
STRATEGY: Bearish, against 105.70, target TBD
