USD/JPY - 113.75. Although DLR ratcheted lower to 113.32 at European mid-day, price rallied in tandem with US yields in NY morning to an 8-day high of 113 .95 b4 retreating to 113.60 due to broad-based usd's weakness on risk sentiment.

On the bigger picture, DLR's fall FM 118.66 (Dec 2016) to 2019 low at 104 .46 (Sep) confirms early uptrend FM 2016 29-month bottom at 99.00 has hit a top there. Despite hitting a 3-1/2 year bottom of 101.19 in Mar 2020 on risk-off trades due to COVID-19 pandemic, DLR's rally to 111.71 the same month signals correction over. Despite DLR's erratic fall to 102.60 (Jan 2021), subsequent rise to 116.65 at the start of Jul, then break of 2020 top at 112.22 to a fresh 3- year peak of 115.51 last week signals LT rise FM 2020 3-1/2 year low at 101.19 is en route two 116.17. Having said that, last week's drop to 112.54 confirms temp. top is made n a weekly close below Nov's 102.73 would risk 112.07, then 110.83.

Today, as Wed's 113.95 high as also accompanied by 'bearish divergences' on hourly indicators, subsequent retreat to 113.60 would bring consolidation, be- low 113.32 signals correction FM Nov's 6-week 112.54 low has possibly ended, then weakness to 113.08 would follow. Only abv 113.95 extends to 114.20 b4 retreat.

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