[B]Commentary:[/B] We wrote yesterday that “longs should be careful as sentiment is ripe for a top”. The USDJPY has plummeted so we are looking to the short term structure to find out what we can expect.
The decline from 123.66 is currently in the 4th wave position, therefore we expect a drop below 120.97 in the 5th wave before another correction higher. A short term target for bears os the 161.8% extension of 124.13-122.09/123.66 at 120.37.
[B]Strategy:[/B] Remain bearish, against 123.66, target TBD