We continue to view the a-b-c correction from 96.71 as part of a larger correction prior to new highs. The low of the range is expected to hold at 93.60 while JPY coils in a triangle; Wave IV’s tend towards triangle and the choppy down and up trade since mid-March fits with that interpretation. S/t, with at least 2 legs of the correction complete, today can be marked by a deeper pullback to between 94.76-94.31; this can either complete wave c or the entire corrective pattern. Upside resistance is strong at 95.75 having acted as a key pivot on 3/13, 3/14 and 3/18. Look for a range of 95.75/94.76/31 to contain trade near-term. Levels: Support – 94.72, 94.31, 93.60 Resistance – 95.75, 96.71, 98.50
Nomura