Commentary:? We expect this week to be interesting for the USDJPY and the Yen in general.? We have maintained for some time that the pair is headed to at least 118.00.? A rally to this level would complete an A-B-C corrective rally from 111.59.?
We expect a top and reversal near 118.12 (100% of 111.59-117.12/112.59).? A push through this level exposes the 61.8% of 124.13-111.59 at 119.34.? In summary, the reversal zone is 118.12/119.84.? We will wait for evidence of a top in this area before committing to the bear side.
Strategy: Remain bullish, risk at 115.55, target 118.00 (watch for a top and reversal at 118.00/120.00)