Japanese Yen 113.73 Short Term Resistance (USDJPY Support)

[B]Commentary:[/B] It remains our working assumption that “the rally from 111.59 may be the first leg of a 3 wave correction that will be larger wave 2. Potential reversa points prior to 119.83 are 117.86 and 119.34 (50% and 61.8% of 124.13-111.59).” 5 waves down from 124.13 appear complete so we expect this rally from 111.59 to unfold in a corrective manner and challenge the mentioned Fibonacci reversal zone (117.86 or 119.34).

Former support at 117.20 may now be resistance. Near term, 113.73 (61.8% of 111.59-115.50) should be solid support.

[B]Strategy:[/B] Look to get bullish near 113.80, against 111.59, target 1 117.80