USDJPY: 101.34
Short-Term Trend: weak downtrend
Outlook:
A week ago the outlook was bullish but the pair failed to hold abv the 102.45 level and declined sharply on Thursday and Friday of last week. That shifts the odds in favor of the bearish scenario that I had previously followed. This scenario suggest that wave (C) has already ended and the market now is in a bigger correction of the entire rally from Sept 2012 low to Jan 2014 top. If that's the case, weakness twd 98.90 Fibo level is expected.
Only a firm and sustained move back abv 102.80 will turn the daily chart positive again..
Strategy: I favor shorts at 101.60 against 102.90.
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