Our short term preferred count is still bullish but not as bullish as before. As is the case with the USDJPY, a small triangle appears to be unfolding from the 4/3 high at 1.0216.
A terminal thrust from the triangle would likely complete wave c within an a-b-c rally from .9871 and larger wave Y within a complex W-X-Y corrective advance from .9647. The initial bullish objective is where wave Y would equal wave W; at 1.0473.