Commentary: “We have continued to state that we expect a return to 118.00 in order to complete wave C of the A-B-C from 111.59.” There is no reason to change the outlook for a rally to exceed 117.12 (minimum) as the USDJPY is testing the upper end of its nearly 7 week range.
Near term , the rally looks likely to accelerate in a small wave 3 with 115.55 remaining intact. It is important to remember that we expect a top and reversal near 118.12 (100% of 111.59-117.12/112.59).
Strategy: Remain bullish, move risk to 115.55 (from 114.67), target 118.00