Yen Technical Outlook

The longer term USDJPY decline may have resumed. The advance from 87.09 is in 3 waves and price has dropped below the wave A high at 94.67, confirming that the decline is in 3 waves (and can not become an impulse). Favor the downside as long as price is below 99. Above there and the USDJPY likely tests the 200 day SMA just below 100.