CCChicago
Short

USDJPY Monthly Short on a retracement to the 110 area

FX:USDJPY   U.S. Dollar / Japanese Yen
24 0 1
The most recent downleg from 125.856 on the USDJPY             Monthly Chart appears to be a 5-Wave             down after retracing to a 61.8FR@120. Price is currently @107.50, having come down to 105ish and bounced off of Yearly S3 Support.

Current price action on the Monthly appears to be in a 4th Wave triangle. MTI says shortterm buy on lower TFs, but I want to also look for a selling opportunity to complete the 5th wave down, measured to around 97-100.
Current leg of 4th wave may retrace up to 110 area before heading down in Wave 5 to 97-100 area.
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