Japanese Yen In Small Correction

Commentary: 118.00 (118.12 is the 100% ext. of 111.59-117.12/112.59) has been a level that we expect the USDJPY to challenge before a major reversal. We still expect a rally to at least this level prior to a reversal. Recent weakness is viewed as a consolidation/correction in a 4th wave.

There is the potential for weakness to 116.27 before a 5th wave rally occurs.

Strategy: Move to flat from bullish (short term traders may want to trade from the short side?against 117.60?targeting 116.20/50)