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USDJPY EW analysis - Third wave down beginning new bearish cycle

Short
U.S. Dollar / Japanese Yen (FX:USDJPY)  
chessnut  
FX:USDJPY   U.S. Dollar / Japanese Yen
6
4
The USDJPY has topped on an extremely bullish NFP report sending the pair to new extremes of price and sentiment. This was a wave V advance, and the dumps immediately after the complacent buying have more than retraced the gains. This is a primary wave of a new bearish cycle, the third wave may take us below $120.

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