This chart offers strong evidence for our “the dollar is topping” theme. Last week we called for one more push to 116.52 to complete a 5-wave cycle from 105.23. The rally to 116.10 although short of the target, offers equality between waves-((1)) and ((5)). The last 4 highs in prices have also seen a decline in RSI momentum which further supports the outlook for a tradable top in $YEN. S/t, below 115 is needed to promote the correction call and the next support after is 113.86 & 113.23. Resistance is 116.00 and then 116.52. The initial zone for a 3-wave correction is 112.67/110.67. Conviction: Med/High Levels: Support – 115.00, 114.57, 113.86 Resistance – 116.10, 116.52, 117.95
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