A complex wave-2 correction (we outlined this on Friday) is complete and $JPY has resumed its uptrend. The trendline connecting the July and Sept highs surfaces at 99.80 today and a break through can clear the path for a rally to the Sep high at 100.61. Our longer-term work continues to support the idea of a rally to 106. (daily) S/t, the rally from 97.62 is clearly impulsive with almost no overlap on the pullbacks. This is the beginning of a wave-3 rally and we expect to see further extension higher. Support for today is 99.59/99.44 where the most recent correction took place. Resistance is 99.80 and it the path of least resistance is higher even on the hourly chart as a small bull triangle nearly complete. (hourly) Levels: Support – 99.59, 99.41, 99.24 Resistance –99.80, 100.61, 101.53
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Nomura