Commentary: Guess what, there is no change to our outlook for price to break 117.12 and test at least 118.00. A rally to this level would complete an A-B-C corrective rally from 111.59. Price should remain above 115.28 and preferably 115.55 under this 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. See our Special Report from Wednesday on Yen that features charts of every Yen cross, the Dow, and 2 charts of the USDJPY.
Strategy: Remain bullish, risk at 115.55, target 118.00 (look for a top and reversal at 118.00/120.00)