We wrote yesterday that “we expect a rally near term. There are 9 waves down from 103.58 (which we are treating as the end of wave 4 on the chart above). Therefore, expect a rally to at least 101.69 and possible higher.” The USDJPY rallied but only made it to 101.23 before reversing lower.
It could be that the USDJPY will extend lower from here; and make progress towards the longer term target of below 80. Another possibility is that an expanded flat is unfolding and that price will rally and exceed 101.23 in wave C of the flat.