[B]Commentary:[/B] The USDJPY rally from 120.97 is in 5 waves, which strongly indicates that the entire decline from 124.13 was an a-b-c correction. The decline from 122.61 is corrective so far and ended near the 61.8% of 120.97-122.61 at 121.60.
120.97 must hold in order to keep the bullish structure intact. Ultimately, we are looking for a new high (above 124.13). A rally through 122.08 would indicate that a wave 3 up is underway, which should be powerful.
[B]Strategy:[/B] Bullish now, against 120.97, target a break above 124.13, target TBD