Short term Elliott Wave view in USD/JPY suggests that rally to 115.48 on 3/10 ended Intermediate wave (X). Decline from there is unfolding as a zigzag Elliott wave structure in which the first leg Minor wave A is subdivided in 5 impulsive waves. Down from 3/10 high, Minute wave ((i)) ended at 114.46, Minute wave ((ii)) ended at 115.195, Minute wave ((iii)) ended at 112.88 and Minute wave ((iv)) ended at 113.56. Cycle from 3/10 high is mature and Minor wave A has enough extension to be called complete, but more downside towards 110.088 – 111.12 area can’t be ruled out to complete Minor wave A. Afterwards, pair should bounce in Minor wave B in 3, 7, or 11 swing to correct cycle from 3/10 high before the decline resumes.  We do not like buying the proposed bounce in Minor wave B and expect sellers to appear when Minor wave B bounce is done in 3, 7, or 11 swing later for another extension lower.

USD/JPY 1 Hour Chart 03.22.2017