The daily chart reflects dueling impulse legs, but with a moderate bias to the downside.  Just last week the Yen had threatened to surpass a key external high on the daily chart and thus initiate an impressive bullish impulse leg; however, it fell short and plunged abruptly.  The high at 1.1453 (see chart) can serve as our “A” point, and the decline has confirmed midpoint and D targets at 1.0959 and 1.0572, respectively. The first number will make a logical minimum downside target for the near term, but I wouldn’t suggest bottom-fishing there, since it was birthed by a second point ‘C’ high. (Posted by Doug McLagan)