The Japanese Yen has been very weak for months now, but this is about to change. We have seen an A-B-C correction from the 2011 low at 75.57 to Friday's peak at 151.94 or just above the equality target at 151.70, where wave (C) was equal in length to the rally in wave (A) from 75.57 to 125.85. With the top in place, it will be interesting to see if USD/JPY will travel all the way back down to test the 75.57 low or if we "only" is going to see an X-wave and a decline close to support near 114. Only time will tell, but for now, we should look towards the downside and a break below minor support at 145.48 as confirmation that USD/JPY has peaked and is moving lower towards 114 in the coming months.
