We expect a top to form in the USDJPY before 107.20.
A push through 106.42 would face potential resistance from the 2/28 high; at 106.63. There is the possibility that a top is in place at 106.42 though. The decline since then may be a series of 1st and 2nd waves. Under this count, a third of a third wave decline would commence soon. From this perspective, reward/risk is heavily skewed in favor of bears.
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