Japanese Yen Nearing Objective

Commentary: We have focused on “the 161.8% extension of 117.92-113.24/115.89 is at 108.30, which is an initial bearish objective. Coming under 111.59 reinforces the bearish bias.” The drop from 115.91 reached 109.12 (roughly to the 161.8% extension), maiking it likely that the drop was wave 3 within the 5 wave cycle from 117.93.

Expect this bounce (wave 4) to end near 110.72-111.71 (23.6%-38.2% of 115.91-109.12) before a new low in wave 5.

Strategy:Flat