Friday’s bearish shooting star reversal candle awaits confirmation today in order to signify further weakness ahead; we need to see a close below 102.99 (in the least 103.21) to validate the significance. The up channel from November continues to support pullbacks as well but a break suggests a sharp move to 102.16 and 101.63. S/t, resistance for today is where Fibonacci resistance and old pivots align at 103.13/103.28. A 5-wave decline from 103.92 implies that another move lower is ahead once this minor upward correction completes. (15min) Levels: Support – 102.99, 102.65,, 102.16 Resistance – 103.33, 103.44, 103.71
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Nomura