Commentary: We wrote last week that the “USDJPY should rally from here into the 61.8% of 117.93-107.20 at 113.83 with 112.73 remaining intact. A support line drawn off of the 11/26 and 12/11 lows reinforces the bullish bias.” The USDJPY hit 114.65 today and has reversed lower in what could be the start of the next bearish leg in a 5 wave bear sequence that began at 117.93. A resistance line drawn off of the June and October highs supports a bearish bias.
Strategy: Bearish, against 117.93, target TBD
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