It's too early to say for sure, but it appears the yen bottom may have come in during the overnight session (morning of the 15th). In the chart posted below I added a potential wave count following the top/bottom of 10/31/11. I'm labeling it as Wave 1 up (it looks like it subdivides into 5 waves), followed by an abc irregular running flat. An irregular running flat is a correction where the "b" wave makes a new high above the top of wave 1, and the "c" wave fails to make a new low below the bottom of the "a" wave. Using this count, wave 2 retraced exactly .786 of wave 1.
If the overnight low does not hold, the next projected support is at 76.90 and then all the way down to 74.90. Based on the timing analysis posted the last few days, we should not be making new lows after the 16th or 17th at the later (2 trading days after the cycle time window).
Kim Rice 2/15/12
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