Commentary: We wrote Friday that “the USDJPY rally is likely coming to an end near term. There are now 5 waves higher from 107.20, indicating that the USDJPY has more upside potential, but not before a corrective decline that likely sees at least 109.46.” After reversing at 111.22, the corrective decline that we mentioned is underway.
Again, look for at least a decline to 109.46 and maybe 108.74 before the next leg higher.
Strategy: Flat