[B]Commentary:[/B] We cited 117.60 yesterday and the USDJPY declined to this level this morning in what was likely the completion of a 5th wave (v). We are expecting larger wave 4 to bring price back close to 119.50 (7/31 high).
In summary, we are execting the USDJPY to gain correctively until 119.50 before another leg lower brings price under 117.60. A break under 117.59 exposes 115.14.
[B]Strategy:[/B] Move to flat (previously bearish)?look to get bearish close to 119.50