Euro Yen is a very obvious and easy chart to analyse.. despite the Spiral Analogy.

As a three clear three wave retracement to the previous corrective lows is so clearly corrective it cannot and should not be second guessed. And with the break of the Bullflag at 107.60 should really see this 107.15 now hold as it marches on to to retest the 109.95 high at first and go on to spike up a final time to the 110.85 5=1 target and the previous corrective highs up to 111.55.

It WAS tempting to stay long and raise stops to 107.15. However, the similarity with the previous top at 123.30 highlighted in the Daily perspective has obliged us to square longs and start implementing a sell strategy above 108 with long dated puts looking either sell cash on new highs or a loss of 107.15 to open up the 105.60 and 104.50 supports.

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