Japanese Yen at Channel Line

[B]Commentary:[/B] Although we have been looking for a decline to at least the 100% extension of 124.13-122.23/123.55 at 121.65, trendline support, drawn off of the April and June lows, has help up.

The structure is bullish as long as price is above the 6/7 low of 120.75 and the decline from 123.96 is in 3 waves (corrective). Given the longer term measured objectives at 128.00, now is not the time to get bearish. A cautious bullish stance is warranted against 120.75. A rally through 123.55 would isntill confidence in the bullish outlook.

[B]Strategy:[/B] Flat