The USDJPY has traded sideways since last week, which does not fit with our call for a sharp drop in a 3rd wave; which should have happened by now if this outlook were correct.
Similarly, the rally from 103.76 looks impulsive and the preceding decline is clearly in 3 waves (to this point). There is very little confidence in the downside.
STRATEGY: Bearish, against 107.75, targets 101.97 and below