Yen Technical Outlook

Catching 5th waves can be difficult sometimes so we are focusing on the big picture.

The USDJPY count that treats the rally from 95.72 as a 4th wave is valid as long as 107.20 remains intact. There is a 50% Fibo at 105.18, which coincides with the lower region of a congestion zone. Near term, an ending diagonal may be unfolding from 102.67. In summary, we remain bears and will look for a top in the coming days.