Japanese Yen In Middle of Correction - Expect Choppy Price Action

[B]Commentary[/B]: The USDJPY is unfolding as expected. We wrote yesterday that “we are execting the USDJPY to gain correctively until 119.50 before another leg lower brings price under 117.60.” Expect choppy action in the USDJPY for the rest of the week as the correction is in its middle stages.

The 200 day SMA is at 119.59, which reinforces resistance at that level. The drop under the 200 day SMA suggests a longer term reversal is underway.

[B]Strategy[/B]: Move to flat (previously bearish)?look to get bearish close to 119.50 (against 120.73)