Japanese Yen Working Towards 118.00

Commentary: There is no change in the call for a return to 118.00. We proposed an alternate count yesterday that has a triangle unfolding but our favored count calls for an advance in wave C of the A-B-C correction from 111.59 (wave C began at 112.59).

The A-B-C is expected to complete larger wave 2 in a 5 wave bear cycle that began at 124.13. 118.12 is the 100% ext. of 111.59-117.12/112.59 (where C would equal A).

Strategy: Remain bullish, against 112.59, target 118.00