Commentary: There is no change to the USDJPY as we believe that a larger correction is unfolding from 113.24. It is possible to count 5 waves down from 117.93 so a larger correction is due unless the decline is extending.
Look for resistance at 115.93 (100% extension of 113.24-115.04/114.13) and the 61.8% of 117.93-113.24 at 116.14. Once we see evidence of a top, we will be getting aggressively bearish (and we’ll let you know here). Very short term traders might try and trade this small c wave higher with risk at 114.13.
Strategy: Flat