Japanese Yen 120.97 Remains Key

[B]Commentary[/B]: There is no change regarding the near term outlook for the USDJPY. "The USDJPY rally from 120.97 is in 5 waves, which strongly indicates that the entire decline from 124.13 was an a-b-c correction. The decline from 122.61 is corrective so far and ended near the 61.8% of 120.97-122.61 at 121.60.

120.97 must hold in order to keep the bullish structure intact. Ultimately, we are looking for a new high (above 124.13)."

[B]Strategy[/B]: Bullish now, against 120.97, target a break above 124.13, target TBD