Yen Technical Outlook
The USDJPY decline is taking on an impulsive look as the drop from 105.59 is extended and probably a small 3rd wave.
A top would be confirmed if the decline evolves into a 5. Still, we are short based on the structure of the rally from 95.72. Previous commentary mentioned that, “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.” Risk should still be at 105.60 although it is unlikely that price comes near that level.
STRATEGY: Bearish, against 105.60, target TBD
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Linear Mode
