Japanese Yen Wave 4 Still In Progress

Commentary:  Although 109.77 was taken out, we maintain that 111.76 will be exceeded as the rally from 109.60 proves to be the third leg of a more complex correction from 109.12.  The rally likely completes larger wave 4 in the 5 wave bearish cycle from 124.13.

The rally from 109.60 would equal the 109.12-111.76 rally at 112.25; this is a potential end point for the rally from 109.60

Strategy:Bullish, against 109.60, target 112.00