The bull-flag we have been tracking is now complete as $JPY rallied through resistance at 82.15. Now the 2010/12 H&S Bottom neckline is in sight at 83.13. Beyond that a move through 84.18 can negate the alternative bearish triangle (the triangle is not our base case but still valid). (p1) S/t, the next key upside through recent highs at 82.84 is the base target & 2012 high at 84.14/18. Waves-1 & 5 would be equal at 84.92 so a break of key resistance at 84.14/18 could see a sharp rise to that level. (p2) Levels: Support – 82.20, 81.90, 81.69 Resistance – 82.84, 83.13, 84.14/18.
NOMURA