My initial trade was stopped out, but I did re-enter @ 101.40 yesterday.
The reason why is because I still thought the long setup was valid, and I was still bullish US Equities. The following chart shows the relationship of USD/JPY and the SP-500:
The small b wave on the right side of the chart ran a little lower than anticipated, but has since showed a nice surge off the bottom that formed. The box on the chart represents a price/time relationship that should hold the move up in dollar/yen and also help form an equity market top. The focus range highlighted in the chart is 103-104.50.
I am watching how the c wave moves up to see if it finds resistance at and major fib levels on the way up. Particularly .618 and .786. Until it breaks above those levels around 102.20 and 102.50, the bullish trade is under caution.
Using analysis across markets allows me to focus in on better trades than relying on each market separately. If I was bullish equities, I should've been bullish USD/JPY, and vice-versa. Which I was.
I am setting sell-stops for USD/JPY @ 101.20 and will be adding a stop-loss to those orders at the prior high once the level is taken out. Because a break of 101.20 should open the selling up to a third wave down to test the 96 level which is shown on the chart above.