Bearish Outlook :
With respect to the leading expanding diagonal as Intermediate wave (A), turning the trend is still indicated well.
Any retracing back toward the range of 118-120, should be considered as a first portion of the corrective sequence of Intermediate wave (B).
Bearish Outlook :
With respect to the bearish diagonal (A), as a five-wave structure down of Intermediate degree, the early-June high should remains intact as the high extreme of the advance since November 2011.
Note : Following a trend by a leading diagonal in opposite direction, indicates a trend revarsal.
Bearish Outlook :
With respect to an Intermediate-degree wave down, in a five-wave structure, the early-June high could be counted now as extreme point of the rise since November 2011.
Unfolding a leading diagonal in opposite direction of trend, indicates a trend change.
Bullish Outlook :
With respect to the Minor-degree wave 4 as a complete correction, resuming the advance in the same degree wave 5 is expected now against 118.2.
Based upon this bullish count, developing in five waves as Minor-degree wave 5 should result in a new extreme above the June 6 high.
Bullish Outlook :
The Dollar/Yen has engulfed the prior retracing weeks since mid October low, with respect to the advancing wave structure.
Based upon the bullish view, more extending in Intermediate-degree advance of wave (5) would eventually carry the Dollar/Yen to at least the 126.564 and potentially far above this level.
Bullish Outlook :
In accordance with the dollar’s strengthen view, more extending in Intermediate-degree advance of wave (5) would eventually carry the Dollar/Yen to at least the 126.564 and potentially far above this high.
Bearish Outlook :
Dollar/Yen is falling below 119.07, indicating the prior bearish alternate count, the advance since the November 2011 low remains in an exhaustive state.
A solid close under the 119.07 level would continue to increase the odds that a significant top is in place at the 125.855 high on June 5.
In the weekly frame, it is anticipated that final rally in Minor fifth wave of extending wave (5), when it starts, will carry the Dollar/Yen to a new extreme above the 125.855 high.
The ultimate target for the overall impulsive advance, which started at 75.540 low on November 2011, is around the 129.932 level.
The USDJPY sharply declined for 2nd straight week, likely to complete Minor wave 4, prior to the final advance in Minor wave 5.
The Bullish Outlook :
As explained in this weekly frame, after an extended Minor wave 3, the correction in Minor wave 4 remains in progress likely towards 119.070, prior to the final advance in Minor wave 5, before Intermediate extending wave (5) terminates.
Note : Based upon this Bullish alternate count, the triangle of Intermediate wave (4) needed to be adjusted.
Elliott Chart 