The USDJPY has broken beneath its 2+ month head and shoulders neckline. This development is bearish and even more so in the context of long term wave structure, which suggests a new all time low (below 80). I wrote last week though that “I want to urge caution as the pair approaches 93.50. The circled area could still be a triangle in the X wave position. With this in mind, bears may want to lighten up.” With the USDJPY over 100 pips off of its low today, the triangle count gains some traction.