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USDJPY Turns Bearish-Elliott Wave

USDJPY reversed sharply lower in this week from 103.70 area where we see signs of a temporary top. Also notice that recent decline has extended through 102.00 wave (b) support which is very important sign for completed bullish waves, because after a long time we have seen a break of the former swing low. With that in mind, we assume that we have seen a top on this pair, ideally of an ending diagonal, but for minimum expectations we expect to see at least one more sell-off, either fall from the top is a corrective move or not. Daily close beneath the trend-line connected from April lows would be strong bearish view for the pair.

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