Prices have broken and cleared bear flag support and the last support level from the 3+ month range is under testing. The flag target projects further Yen strength to 99.47/97.69 based on extensions of the initial wave-A decline. Channel supports align at the top end of that zone near 99 even. (daily) S/t, resistance is 101.10/20 which are hourly pivot lows. From the top of the wave-B correction, the move lower is unfolding impulsively and waves-1 & 2 are considered complete. If that interpretation is correct than we should continue to see weakness this week as wave-3 down moves toward 100.37/99.57. (hourly) Conviction: Med/High Levels: Support – 100.82/76, 100.37, 99.57 Resistance – 101.10, 101.20, 101.39
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Nomura