[B]Commentary:[/B] The action this morning makes it likely that the USDJPY is currently entrenched in a wave 3. The count that we proposed yesterday had the USDJPY bottoming near 115.53 in a 5th wave (larger wave 1 down from 124.13), which would be followed by a wave 2 back towards 119.83.
It is still possible that the decline from 119.83 is wave 5 down within the 5 wave decline from 124.13. In this case, the risk of a correction back towards 119.83 is high, but not until some consolidation in small wave 4 is followed by lower prices to complete the decline from 119.83.
[B]Strategy:[/B] Flat, we will be waiting for the larger wave 2 to unfold before getting aggressive