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The Yen crosses continue to fall and the decline is not over yet.

The rally from 132.18 is in 3 waves, indicating that the downtrend remains intact.  The downtrend is healthy as long as price is below 139.

I am even more bearish on the GBPJPY now than I was before.  The monthly chart shows that the rally from the April 1993 low is clearly in 3 waves and that an impulsive decline is underway from 251.  The implications are that the GBPJPY will eventually drop below the all-time low near 129!  Short term, the downtrend is intact as long as price is below 178.79

Repeated commentary for months has been that “the weekly chart shows the rally from the 2000 low as an A-B-C advance.  Wave C is a diagonal, which should be fully retraced.  Therefore, the bearish target is 78.88.”  The CHFJPY is well on its way to the objective.  Near term, staying below 91.29 keeps the bearish bias intact.

The break below the support line from 1995 confirms the long term bear that is underway.  The bearish trend is strong below 91.09.

There is no change to the longer term analysis.  “An impulse is underway from the top and the decline should end at all-time lows.  However, a larger 4th wave correction probably begins soon.”  A drop below 62.97 may complete wave 3 and give way to a larger 4th wave correction.

The long term NZDJPY count has been altered slightly.  I now view the advance from the 2000 low as an A-B-C rally that will eventually be fully retraced (the decline will end below 41.94).  Near term, the trend is considered down below 65.37.

Jamie Saettele writes Forex Technicals: The Day Ahead, Monday-Thursday (published 6-7 pm EST), Daily Technicals  every weekday morning (9-10 am EST), COT analysis (published Monday mornings), and analysis of currency crosses throughout the week.  He is also the author of Sentiment in the Forex Market.