Yen: Risk of Short Term Correction High

The USDJPY has broken beneath its head and shoulder neckline (as highlighted in recent technical pieces) but the risk of a short term correction is high. 5 waves down from 99.72 appear close to complete. Watch the psychological 95 figure for potential support. Even a regular (as opposed to deep) correction should reach 96.70. Bottom line; the trend is down for the Yen crosses but an expected correction should offer a better entry price in the next few days.