The USDJPY broke traded below 100 today for the first time since October 1995. More importantly, the pair broke below waves b and d of the long term triangle. This supports our long term call for price to drop below the 1995 low of 81.12. However, we do expect a rally near term.
There are 9 waves down from 103.58 (which we are treating as the end of wave 4 on the chart above). Therefore, expect a rally to at least 101.69 and possible higher near term.
