Japanese Yen Working Towards 119.87

[B]Commentary[/B]: As we have focused on, “larger wave 2 or B is expected to unfold from little if any below 117.18 and makes its way to the Fibo reversal zone of 119.83-121.47.” The break above 119.09 indicates that the corrective wave is in its final leg towards 119.83-121.47.

Wave c of the correction (from 117.95) would equal wave a (117.17-119.09) at 119.87. This level is reinforced by the 7/25 low at 119.79 (yellow circle). In summary, look for strong resistance just ahead of 120.00.

[B]Strategy[/B]: Flat