Commentary: Wave c of the a-b-c correction from 107.20 remains in progress. The next level of potential resistance is the 61.8% of 117.93-107.20 at 113.83, followed by a potential resisting trendline just above 114.00 and then the 78.6% retrace level at 115.63. The rally from 107.20 is wave 2 of larger 3 within the 5 wave bearish cycle from 124.13. While potential does remain for a push to the mentioned resistance levels, the USDJPY is setting up for a major decline.
Strategy: Flat