[B]Commentary:[/B] The USDJPY bounce from 120.97 is still in 3 waves, but a rally through 122.52 would make the rally a 5 wave affair and strongly indicate that the entire decline from 124.13 was an a-b-c correction.
Keep in mind that the longer term structure suggests that an A-B-C correction could extend to 128.00 before the larger reversal. Still, a bearish bias is warranted against 122.52, which is defended by the 61.8% of 123.47-120.97. [B]Strategy:[/B] Remain bearish, against 122.52, target 120.97