Japanese Yen Completing Correction

Commentary: We wrote the last few days that “the USDJPY rally is likely coming to an end near term. There are now 5 waves higher from 107.20, indicating that the USDJPY has more upside potential, but not before a corrective decline that likely sees at least 109.46.” Price has fallen to 109.57 this morning.

The USDJPY could continue to slide but support should be strong at 108.74 (61.8% of prevous rally).

Strategy: Get bullish near 108.74/109.20, against 107.20, target 1 at 113.50, target 2 much higher