To review, the weekly chart of $JPY suggests that prices are correcting in a wave-[4] ahead of one final push higher. Both interpretations that we favor would eventually follow with at least a test of the Jan high if not a clear break towards 106/107. We initially favored a choppy triangle for wave-[4] but equally probable now is that the pullback is unfolding as a sharp a-b-c zigzag targeting near 99. (weekly) There is strong support surfacing at 100.87/77 where Fibonacci retracements align with initial extension targets. A move below this key support zone can be taken as a signal that a deeper correction is unfolding and shifts focus down to 99.09 which is the traditional symmetry target. There is minor uptrend support at 101.47 today and an old pivot at 101.20 that can clear the path for a move lower still. (daily) Levels: Support – 101.47, 101.20, 100.87/77 Resistance – 101.88, 102.42, 102.86
Read the full report: USDJPY
Nomura