Japanese Yen Pressing Against Top of Range

Commentary: “We have continued to state that we expect a return to 118.00 in order to complete wave C of the A-B-C from 111.59.” There is no reason to change the outlook for a rally to exceed 117.12 (minimum) as the USDJPY is testing the upper end of its nearly 7 week range.

Price should remain above 115.28 and preferably 115.55 under the bullish interpretation. It is important to remember that we expect a top and reversal near 118.12 (100% of 111.59-117.12/112.59). A push through this level exposes the 61.8% of 124.13-111.59 at 119.34.

Strategy: Remain bullish, risk at 115.55, target 118.00