[B]Commentary[/B]: We wrote yesterday that "the drop under 117.59 satisfies minimum expectations for a 5th wave in a 5 wave decline that began at 124.13.
This intial 5 wave decline makes up larger wave 1 or A in the new bearish cycle. Larger wave 2 or B is expected to unfold from little if any below 117.18 and makes its way to the Fibo reversal zone of 119.83-121.47." There is no change to the outlook. The USDJPY should continue higher until 119.83-121.47 before a top and reversal.