After topping in March at 99.68, the USDJPY has traded in a volatile range between primarily 93.50 and 99. Structurally, the advance from 87.09 is in 3 waves, which strongly suggests that the longer term trend remains down. Very short term, the USDJPY has made 3 lower highs. The rally from today’s low stalled at the 61.8% of 98.35-95.92. This is a good level to go short against 98.35, in anticipation of an eventual drop below 93.53.
