The Yen has been the great tell on the direction of all other assets (inversely) for the last month. It is challenging to count esp shorter term. But to review; The 1995 high of 126 was followed by a horrific drop to 68 in 1998. Since then we seen a series of abc legs within that range. Weekly Yen Continuation click to enlarge The high of 1.1621 in late 2009 is the highest high since the 1998 low (though likely an x wave). Note the characteristics of a consolidation since the early 2009 high. Daily Yen Continuation click to enlarge New highs over 113.28 would strongly suggest that a challenge of the 116.28 high is underway and risk of a breakout is great. Nothing between 116.28 and 126.