Elliot Wave- W1 of W5 (down trend)

FX:USDJPY   U.S. Dollar / Japanese Yen
69 2 1
Refer to chart.
The down trend is referred to weekly chart (big environment).Light blue arrow up is retracement, recalculate the target is 109.04.
Sorry, didnt get it completly, in the title you are saying "down trend", hwoever, I can see a light blue arrow going up. Can you please explain it a little bit?
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