Japanese Yen Channel Holds

[B]Commentary:[/B] “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.” Trendline support has held and 122.09 is now key to the bullish case.
[B]Strategy:[/B] Flat