Japanese Yen Towards 118 as Long as 114 is Intact
Commentary: There is no change in the call for a return to 118.00. We proposed an alternate count last week that has a triangle unfolding but our favored count calls for an advance in wave C of the A-B-C correction from 111.59 (wave C began at 112.59).
The A-B-C is expected to complete larger wave 2 in a 5 wave bear cycle that began at 124.13. 118.12 is the 100% ext. of 111.59-117.12/112.59 (where C would equal A). We are comfortable with this count as long as price is above 113.99.
Strategy: Remain bullish, move risk to 113.99 (from 112.59), target 118.00
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