Yen Technical Outlook

The triangle continues to play out. Wave e of the triangle should complete later this week. There is potential support at 95. There is an alternate bearish in which the drop from 101.50 is a series of 1st and 2nd waves. 93.50 defines the trend (above is bullish and below is bearish). I wrote yesterday that “a rally is likely to begin soon regardless of the larger trend. The triangle count is bullish from here against 93.50 and if the decline from 98.91 is an impulse (which is what the drop looks like), then a second wave rally could reach 97.20.” Favor strength to 97.20.