Current:  116.30      Range today: 115.80/116.60

Dollar/Yen could not rise yesterday and it fell steadily throughout the day to signal that the next decline is underway.  This drop from 117.40 should equal the decline of last week, generating a target of 115.30; the next objective is the 114.00/30 region.  This move should complete a corrective phase from 117.90 and create the opportunity for a new rally to begin.  The current drop has hit the s/t mvg avg at 116.20, so the current drop should make a minor low in the 115.80/116.10 region.  A rise back to 116.60 should follow before the decline continues towards its target at 115.30.  A rise through 116.75 will suggest that a new rally may be developing and a break of 117.15 will confirm it.  

Euro/Yen completed its minor consolidation at 146.80 yesterday and should now extend its rally towards 149.00.  Expect some resistance at 147.85 today but any drop should hold at 147.30.    Only a drop through 146.80 will suggest that a new decline to retest key support around 144.95 is underway. 

Aussie/Yen continued its drift higher and it should challenge its target at 89.10.  But then it will be vulnerable to a drop back to 87.15. 

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