Japanese Yen from 115.73 is a Correction

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 and that this count remains favored unless price drops under 112.59.” This count is now favored as long as price is above 114.02.

An a-b-c correction appears to be unfolding from 115.73. A drop below 115.29 is expected before the correction is complete. Estimated support from Fibonacci is at 115.08 and 114.68. Those not yet long that wish to get long for a test of 118.00 can use dips to these levels to get bullish against 114.02.

Strategy: Remain bullish, move risk to 114.02 (from 112.59), target 118.00