USDJPY Bottoms For Now; More Weakness After Rally

USDJPY came sharply down in the last few weeks, away from 150/152 high, from where we can even count five waves down as part of a new bearish cycle, especially if we consider that pair is also breaking the trendline support on a daily chart. As such, we will go with a bearish look and will be looking for further weakness after any higher-degree three-wave rally which can show up in December. Resistance is at 142.30 and 145.56 from where we will expect more weakness on USDJPY.