Japanese Yen Correction Playing Out

[B]Commentary:[/B] There is no change to the USDJPY as the correction that we proposed was playing out has proved correct so far. "The USDJPY decline from 119.83 is likely the first leg lower in the next bear wave.

Look for a rally above 118.74 to challenge the 61.8% of 119.82-117.21 at 118.83 and possibly the 78.6% at 119.27 before a top and reversal. The larger bearish bias is strong below 119.83." Wave c of the flat correction (from 117.68) would equal wave a (117.21-118.74) at 119.20.

[B]Strategy:[/B] Flat, look to get bearish near 119.20, against 119.83, targets below 117.15