Yesterday the Nikkei hit triangle resistance and the falling wedge target to (likely) complete wave-D of an unfolding bullish consolidation; this suggests one more wave-E pullback is unfolding (chart 1). This raises the probability that $JPY is still in wave-D of its triangle; we raised this option yesterday and it remains a concern to our near-term bullish call.
S/t, the upside target for wave-D is 100.59 but prices already reached 100.23 and the 5-wave rally from 96.82 is nearly complete. Look for pullback support to materialize at 99.15 and then 98.52. Expected near-term range is 100.59/99.15.
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Nomura