Japanese Yen Choppy

[B]Commentary: [/B]We remain bearish against 122.13. We mentioned yesterday that “it is unclear whether or not the upward correction is complete” and that "resistance is clustered from 121.44 to 121.83 (50%-78.6% of 122.13-120.75).

The USDJPY has stalled just above the 61.8% at 121.60 this morning but as long as 122.13 remains intact, we are bearish. We are anticipating a move lower in a 3rd wave, below 120.75, towards 119.50. [B][/B]
[B]Strategy: [/B] Bearish Now, against 122.13, target TBD