Again price have held above the key 101.33 level and momentum has created a bullish double bottom at the key 40 zone. Without a move below these levels, the bull triangle alternate is becoming an equal probability outlook for $JPY. A move beyond the minor downtrend at 102.60 is the first signal to further promote the bull triangle case; the wave-D high at 103.02 and the triangle downtrend at 103.50 offer further confirmation. (d) S/t, the hourly chart is not in a bullish position as prices are failing at channel resistanc and breaking minor channel (red) support. Below 101.85 suggests another test of 101.51. Above 102.10 negates the s/t bearish signals and clears a path for 103. (h) Conviction: Med Levels: Support – 101.85, 101.51, 101.33 Resistance – 102.60, 103.02, 103.50
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Nomura