Yen Technical Outlook

I wrote last week though that “I want to urge caution as the pair approaches 93.50. The circled area could still be a triangle in the X wave position. With this in mind, bears may want to lighten up.” The rally from 94.55 is in 5 waves and confirms that a larger advance is underway, perhaps as part of the triangle. My bias has changed from bearish to flat. Short term support is at 95.60.