Commentary: The USDJPY has reached the level that we felt would offer resistance and a top. The levels in question are the 100% extension of 113.24-115.04/113.76 at 115.56, the 50% retrace of 117.93-113.24 at the same level, and the former 4th wave at 115.72. Today’s high (to this point) is at 115.73 so we do expect a top and reversal soon.
The next level of potential resistance is the 61.8% retrace at 116.14. Coming under 115.18 instills confidence in the bearish outlook.
Strategy: Bearish now, against 117.10, target below 111.59