$JPY is respecting down channel resistance from early April and early May. Now that prices have reversedlower from 102.14 a new, smaller down channel is forming. Resistance is 101.71 to 101.79 today.From a wave perspective, waves- i & ii completed and now wave-iii targets are between 101.12/100.71.The rounding top is supportive of further weakness; the neckline of this pattern is 101.47 so a break throughthere is needed to promote our call for wave-iii down.Conviction: MedLevels: Support – 101.48, 101.12, 100.71 Resistance – 101.71/79, 102.14, 102.36
Read the full report: USDJPY
Nomura