Commentary: The USDJPY has run into chart resistance from the former 4th wave extreme at 111.76. It is possible that wave C of the A-B-C is underway towards 113.50/114.00 but the character of the advance does not fit as a C wave.
“The other scenario is that a larger correction is underway (expanded flat…arrows shown in red) and that the ‘real’ next leg up in the USDJPY will not occur until a test of 109.21 (50% of 107.20-111.22). That scenario is outlined here.
Strategy: Flat