Commentary: We still expect a rally to at least 118.00 (maybe 119.00) prior to a reversal. Recent weakness is viewed as a consolidation/correction in a 4th wave, which is either complete at 116.80 or will not end until 116.27 (latter view favored). A drop under 116.80 satisifies minimum expectations for wave iv and a rally above 117.61 would complete wave v and therefore larger wave 3 of C.
Yet another setback should then occur in larger wave 4 before wave 5 completes the entire rally from 111.59. In summary, we expect the USDJPY to trade with a bullish bias from little if any under 116.27. A top and reversal is then expected. Objectives for the end of the advance are 118.12 and 119.34. It is reasonable to assume that this topping process will take at least a week, if not 2.