USDJPY – bull flag sets stage for wave-c of (d) rally towards mid 103’s

The wave-b pullback from 102.65 has completed, a rally to 102.86 and then the mid 103’s can complete wave-c of (d) of the larger 3+ month triangle. (daily) S/t, 102.86 still remains a key resistance pivot on the topside and that could act as a minor stopping point near-term. For today, look for a move through 102.49 to promote further gains. Support is the bull flag lows at 101.72 and that is key to the larger bullish outlook. (hourly) Conviction: Med Levels: Support – 102, 101.72, 101.35 Resistance – 102.30, 102.49, 102.86

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Nomura