Japanese Yen Breakout?

Commentary: It was wrong to be bearish at 122.13 as price has blasted through this level. Price is just below resistance from the 100% extension of 120.76-121.81/121.47 at 122.52 - this point is just above the 61.8% retracement of 135.13-101.67 at 122.35. The 161.8% extension is at 123.17 and is potential resistance as well.

Still, there is significant resistance near 128.00/70. 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. This push could be a breakout on the way to the 128.00 figure but given the presence of the 61.8% retracement at 122.35, we prefer to wait for a clear 3 wave pullback (intraday) before getting bullish. Strategy: None