Japanese Yen 128.00 is Long Term Objective

Commentary: It is our working assumption that the USDJPY is working higher in a C wave towards the 128.00 area over the next few months. The 78.6% of 135.13-101.67, the 100% extension of 108.98-122.17/115.14, and the 100% extension of 101.67-121.39/108.98 are between 127.97 and 128.70.

In the short term, the USDJPY appears to be in a small 3rd wave within a 5 wave sequence that began at 120.75. A wave 3 is in progress and close to complete from 120.76. We are expecting a 4th wave to occur in a correction and for support to be strong near 122.82. The trend is bullish. Strategy: Align with uptrend at 122.90, against 121.81, targeting 128.00