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. ( From May 29 Yen Again)
click to enlarge/sharpen
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 triangle consolidation since the late 2008 high, narrowing ranges, overlaps, flattening of the MACD, and RSI.Sept Daily
And the triangle within the triangle.
click to enlarge
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