USDJPY, still bearish in the long term

Not many changes since our last post on USDJPY, except the better entry, which we now have for a long-term position. On the 4-hour chart, our count starts from the end of that truncated fifth wave. We have a complete 5-3 cycle. According to the Elliott Wave Principle, we are waiting for another drop-off. Considering our big picture scenario, entries at 103.30 with stop loss at 105 and target around 96.50, are providing very acceptable risk/reward ratio of 3,5 :1.