Commentary: Coming under the confluence of the trendline drawn off of the 4/19 and 5/11 lows near 121.40 would signal a reversal. In this case, we would be bearish against the swing high (currently 122.13).
The entire rally from 115.14 may be a double zigzag correction. The rally from 117.60 (wave Y) would equal wave W (115.14-119.84) at 122.30. This is extremely close to the actual high at 122.13. Probability is high that the USDJPY is headed lower from current price. We?ll watch the decline to gauge bearish potential. Strategy: Bearish at 121.40, against 122.40, target TBD