Pair USD/JPY is in downtrend and it looks like it is not finished. I expect moving lower to the range 102-103.
Current Elliot Waves count shows THIRD ( iii ) wave in the THIRD (3) wave, so it should be strong!
I prefer short now with small stop-loss at 106.65! For explanation please look at the 1hr chart in the comment!
What do you think?