From a classic pattern perspective, $JPY is resolving a 3+ month bear flag and the projection targets are 99.47 & 97.69. Further, 2 alternate wave counts portend that the large wave-B correction from early February completed at 102.36 and this suggests that wave-C down is underway. Finally, notice how RSI has finally breached the key 40 level; this is a corroborating signal of a range breakdown. (daily) S/t, resistance is 101.43 and 101.67. There is near-term channel support at 101.04. The critical level for the downside call is the proposed wave-B high at 102.36 (h) Conviction: Med/High Levels: Support – 101.04, 99.47, 97.69 Resistance – 101.43, 101.67, 102.36
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Nomura