USD/JPY - Wave 2 might be done

We did overshoot the ideal 61.8% correction target at 80.29, but it doesn't change the overall picture of wave 2 having bottomed or being very close to bottoming.
As long as resistance at 80.65 isn't broken to the upside, then we could see one more decline below 79.56 (max. 78.78), while a break above 80.65 will indicate the bottom already being in place for the next rally higher towards at least 88.19, where wave 3 will be equal to wave 1.