USDJPY - According to our recent analysis, “Bigger picture, the advance from 95.72 is in 3 waves (corrective) and has retraced 50% of the decline from 124.13. As such, we are looking for the longer term downtrend to continue. This is our stance as long as price is below 110.65.” Shorter-term, a hold of nearby trendline support and the pair’s 200-day Simple Moving Average supports a near-term bounce.