The expected choppy range in USDJPY resolved in short order and did not form the coil we posited on Wednesday. The trend is slowing and waning momentum supports the idea that Wave-III is near complete with this latest 5 wave rally from 88.37, symmetry between Wave I & III would be met today at 91.30. Another consolidation above the previous correction zone near 87.79 can the set the stage for the final wave to 93. S/t, there are also momentum divergences that suggest a necessary correction before an attempt at 93. The divergence alone is inconclusive so look for a key reversal in today’s price action to signal a short-term top near 91.30. There is a strong cluster of support between 90.33-90.25 that can act as the first stall on any pullback. Levels: Support – 90.33, 90.29, 90.25 Resistance – 91.30, 91.42, 91.88
Nomura