USD/JPY reversed sharply lower in this week from the 103.70 area, where we can see signs of a temporary top. Note that the recent decline has extended through 102.00 wave (b) support which is a very important sign for completed bullish waves, as after a long time we see 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. A daily close beneath the trend-line connected from April lows would be a strong bearish view for the pair.
USDJPY 4h Elliott Wave Analysis