Commentary: The correction that we have expected could be complete at 109.66. A rally through 110.67 would instill confidence in this scenario. The other possibility is that the correction from 111.22 is not over yet and that a larger more complex correction is unfolding. Under this scenario, support should be stron at 109.00, which is where wave c (from 110.67) would equal wave a (111.22-109.56).
Subjectively speaking, we favor the idea that the USDJPY correction is still underway and that a dip below 109.56 is needed to complete the correction.
Strategy: Get bullish near 109.00, against 107.20, target 1 at 113.50, target 2 much higher