We have been off on the USDJPY lately as we have been trying to buy against various swing lows only to be stopped out, time and time again. The entire rally from 104.97 to 108.59 could have completed a larger correction but we have subjectively favored a larger rally because of various sentiment measures.
A large complex correction may be unfolding with the drop from 108.59 as wave X in a W-X-Y. If this is the case, then price should put in a bottom soon and begin a rally that reaches roughly 110.
