Japanese Yen 119.83 Determines Bias

TheUSDJPY decline from 119.83 is likely the first leg lower in the next bear wave. Look for a rally above 118.74 to challenge the 61.8% of 119.82-117.21 at 118.83 and possibly the 78.6% at 119.27 before a top and reversal. The bearish bias is strong below 119.83.

Strategy: Flat, look to get bearish between 118.83-119.27, against 119.83, targets below 117.15