Commentary: We wrote yesterday that "a small triangle has unfolded following the rally from 112.59. Look for a terminal thrust from the triangle to test the 61.8% of 115.63-112.59 at 114.47 before a top and reversal.
The larger bearish bias is strong as long as price is below 115.63. We expect a drop under 112.59 following a top and reversal near 114.47." The USDJPY reversed at 114.38 and a bearish bias is warranted against there targeting a drop below 112.59.
Strategy: Bearish now, against 115.63, target below 112.59