The proposed triangle in JPY has not materialized, rather a sideways range is underway to satisfy the consolidation post the 4-figure move lower from 95. The forecast remains the same; this sideways a-b-c range is a pause ahead of another sell-off that can complete a large A-B-C correction towards 88/90. S/t, prices stalled at the first minor support zone and held an uptrend from January and last November; these trends align today between 91.38/28. The first sign that a test of that zone is underway is a move through the midpoint of the current range, that midpoint zone is 91.90/80. Finally, a new break through 91 deems the range complete and sets the stage for Wave-C down which is expected to carry prices to a symmetry target near 88.79. Levels: Support – 91.90/80, 91.30, 91 Resistance – 92.18, 92.67, 92.75
Nomura