In the last few weeks JPY has finally exited the contracted triangle which it had been tracing for a few months, squeezing some thrust thereafter, and reaching 125.845. What followed after is an initial wave of decline, followed by another more violent one. The increasing momentum of the decline make me think that this is not a mere correction, but the development of the first downward impulse. We need to watch for wave 5 completion during the next week - and it there is indeed a wave 5, this would mean a multi-year ascending movement in USDJPY is over and we are about to start a new downward movement which may last months and years.
