Commentary: We were wrong yesterday in claiming that the correction higher had further to go. That obviously was not the case as the USDJPY has broken significantly lower. Wave 3 within the 5 wave bear cycle from 117.93 is underway.
A short term bearish objective is at the 161.8% extension of 117.93-116.17/117.18 at 114.33. Longer term, we are very bearish and expect a drop below 111.59 in the next few weeks.