USDJPY finally fell to a new low after a nice corrective bounce up into wave iv) that found resistance near 119.70. Now we are tracking a new five wave decline from that swing high which is still underway, pushing price lower within red wave v) that can hit levels around 118.00 today where price can turn back to the upside as big five wave drop from December can be coming to an end. At the same time we have to keep an eye on 117.79 level because push through that price will invalidate our impulsive wave count as red wave v) would then be longer than wave iii) which is not allowed since wave iii) is already shorter than wave i).
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