The present impulse wave rally in the USD vs the Yen since 2011 is just part of an upward correction following the downward impulse thrust from a massive triangle that developed between 1995 to 2007.
Assuming the E wave of the immediately developing minor triangle bottomed at 118.486, the minimum upward thrust should hit 128-129 if not higher. I assume this thrust will complete the final 5th wave to conclude the impulse from 2011, as it appears to be ending around the terminus of the 4th wave triangle which spanned from 1995-2007 (i.e. 124.13 in June 2007) though a further extension would not surprise me.
I note that Jim Rickards suggested Japan would be seeking to devalue the Yen to the 150/USD dollar level.
A 5-wave impulse, by itself, never represents a complete correction. It is actually reasonable to expect, after a near term peak above 128, that there will be a three-wave downward correction (perhaps to 100) then followed by another 5-wave upward thrust which brings USDJPY nearer to 147.66 -- which was the extreme of the previous wave 4 triangle.
Assuming the E wave of the immediately developing minor triangle bottomed at 118.486, the minimum upward thrust should hit 128-129 if not higher. I assume this thrust will complete the final 5th wave to conclude the impulse from 2011, as it appears to be ending around the terminus of the 4th wave triangle which spanned from 1995-2007 (i.e. 124.13 in June 2007) though a further extension would not surprise me.
I note that Jim Rickards suggested Japan would be seeking to devalue the Yen to the 150/USD dollar level.
A 5-wave impulse, by itself, never represents a complete correction. It is actually reasonable to expect, after a near term peak above 128, that there will be a three-wave downward correction (perhaps to 100) then followed by another 5-wave upward thrust which brings USDJPY nearer to 147.66 -- which was the extreme of the previous wave 4 triangle.