Commentary: The USDJPY rally is unfolding as expected. The dip to 109.68 last night likely completed wave iv of either 3 or C. A rally through 110.48 would satisfy minimum expectations for the rally from 107.52.
Targets for the end of the near term rally are 111.31 (where wave iv from 109.68 would equal wave i (107.52-109.15)). 111.30 happens to be the 38.2% of 117.93-107.20 as well.
Strategy: Bullish, move risk to 109.68 (from 108.26), target 111.20