Japanese Yen Selling Returns

[B]Commentary:[/B] It remains our working assumption that “the rally from 111.59 may be the first leg of a 3 wave correction that will be larger wave 2. Potential reversa points prior to 119.83 are 117.86 and 119.34 (50% and 61.8% of 124.13-111.59).” 5 waves down from 124.13 appear complete so we expect this rally from 111.59 to unfold in a corrective manner and challenge the mentioned Fibonacci reversal zone (117.86 or 119.34).

Former support at 117.20 may now be resistance. Wave b of the correction that began at 111.59 may be complete at 113.98. A break above 115.50 gives scope to a test of the mentioned resistance levels.

[B]Strategy:[/B] Flat