For now, we have seen some nice turn down, but still not enough for a "top in place". We would love to see push beneath 0.770 that would then suggests more weakness next week with minimum three wave decline.
A decline on USDJPY has extended to a new low and is falling very sharply from 115.23 so looks like that wave v-circled is going to be extended fifth wave headed down to 110 area. Despite very strong bearish momentum we think that leg down from 121.68 still can be wave C as part of a complex corrective pattern. However, we need a completed bearish pattern first, and then look for possible bullish reversal structure with five waves.
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