Commentary: The USDJPY continues to trend upwards although the rally from 109.66 is not especially clear. The rally from 109.56 is wave C of an A-B-C from 107.20 but wave C is just 61.8% of wave A to this point. The next level of potential resistance is 112.57 (50% of 117.93-107.20) and then the confluence of the 61.8% and 161.8% extension of C from A at 113.58/83.
Strategy: Flat