Commentary: We wrote yesterday that “wave 5 would equal wave 1 at 107.07. One more low is expected before a larger recovery. A drop below 107.54 may also complete a 5 wave decline from 124.13.” A
fter dropping to 107.21, the USDJPY has rallied strongly. This rally could continue to at least the former 4th wave at 111.75.
Strategy: Bullish, against 107.21, target TBD