Trend Reversal :
After the topping at 125.855 high (Jun 5), the USDJPY is selling off, in impulsive decline. The continuing market decline is likely tracing out a sequence of the five Minuette waves, the wave structure that will indicate the start of a larger and longer selloff. Afterward, retrace into the Minor fourth-wave triangle area, will fully confirm that broad trend has reversed from bull to bear.
On this daily frame, the outlook immediately is bearish against the 123.752, through the 121.510, in anticipation of a Minuette fifth wave decline of the Minute first wave in progress.
Note : The labels of Minuette degree has not shown on this chart.