Japanese Yen Testing Trendline

[B]Commentary:[/B] We wrote Friday that "a potential end for this short term rally is 123.72/90, which is the 78.6% of 124.13-122.23/123.72 and the 100% extension of 122.23-123.36/122.77 (rally could reverse prior).

A larger complex correction is playing out from 124.13 (W-X-Y). After the reversal, we are looking for a drop below 122.23." The pair reversed from 123.55 and we are looking for a decline to at least 124.13-122.23/123.55 at 121.65. Potential trendline support is at 122.25.

[B]Strategy:[/B] Flat