[B]Commentary:[/B] While the small correction that we were looking for failed to play out, the USDJPY has registered a new low (beneath 117.18), which satisfies minimum expectations for the completion of wave 5 within the 5 wave decline from 124.13. Looking at the structure of the 5th wave, a 4th wave correction is needed before wave 5 of 5 completes the sequence.
The next move of consequence is likely a large wave 2 correction back towards 120.00 (this may be in a week or two though) although we do expect the pair to chop lower in the near term (possibly towards 115.00). A measured objective is where wave 5 would equal the price distance of waves 1 through 3, at 115.53.
[B]Strategy:[/B] Flat, we will be waiting for the larger wave 2 to unfold before getting aggressive