We “favored a break of 102.19/16 and then continued move lower” and that is unfolding. This comes after prices retraced 50% of the fall from 104.13-101.33. That initial decline and 50% retrace are labeled wave-(1) & (2) and that places $JPY in a wave-(3) decline. A modest symmetry target projects to 99.91. S/t, channel and retrace support is aligning between 102.03/00; below there is little support until the 102.33/21 cluster. So far the sell-off from 102.73 is not an ideal impulse but the series of lower lows and lower highs is clear. Resistance is 102.50 and above there diminishes our bearish outlook. Conviction: Med/High Levels: Support – 102.03/00, 101.33, 101.21 Resistance – 102.50, 102.65, 102.73
Read the full report: USDJPY
Nomura