Commentary: The USDJPY has run into chart resistance from the former 4th wave extreme at 111.76. We maintain that wave C of the A-B-C rally from 107.20 is underway towards 113.50/114.00. The rally from 109.66 is not especially clear although it it probably wave i of C. As such, expect a deep wave ii retracement that brings price back to at least 110.63 before a strong rally in wave iii of C.
Strategy: Flat