USD-JPY Top in 2015

On June 6, 2015, one day after the USD-JPY hit 125.86, its 15-year high, and four days before Governor Kuroda said the “TRUE YEN’S REAL EFFECTIVE RATE IS VERY WEAK,” we called the top at 125.86 and forecasted a decline to the 100 level, as follows:

The USD-JPY may have topped at 125.86 and started wave 1 of {5} down. The downside target for wave 1 of {5} is 100, with support at 110.