We still maintain that the USDJPY is still working higher, possibly towards 110.00 (Fibo and congestion). The drop below 107.21 negated our previous count but price could be putting in an important bottom just below 107.00. Price is supported by a trendline drawn off of the 1/23 and 2/4 lows. The decline from 108.35 consists of 2 equal legs as well (a common trait for a correction).
STRATEGY: Bullish, against 106.32, target TBD
