Yen Technical Outlook

The USDJPY remains choppy. To review, the rally from 95.72 is in 3 waves but so too is the decline from 108.57. This structure indicates that the USDJPY will continue higher to complete the correction from 95.72. Short term, weakness is possible in either wave c of a triangle (red letters) or in a small 2nd wave that serves to correct the advance from 103.76. Potential support is in the 106.00/50 zone as well as the 6/30 low at 104.99. Strategically, the best play is a playing bullish break through 108.57, against 106.06.