Prices did fall to and stall at the 101.50 area yesterday. If this does satisfy a deep wave-2, then confirmation will come via a rally back through 101.97. Key n/t range for today is 101.47/86. (hourly) In terms of more important strategic levels for $JPY, our focus is still on being long above 102.80 & being short below 100.82. The former (102.80) negates the bearish interpretations of this 6-month range; the latter (100.82) negates the preferred bull triangle idea that we have been promoting. (daily) Conviction: Med Levels: Support – 101.45, 101.24, 100.82 Resistance – 101.86, 101.98, 102.27
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