All resistance containing the 7-month triangle/consolidation in $yen was broken via the rallies through 103.09 & 104.13. From an Elliott Wave perspective, with a large degree wave-[4] complete, wave-[5] up is now targeting a new 2014 high (at a minimum a test of 105.44). Critical support is the wave-1 high at 103.09. (dly) S/t, waves-1 to 3 off the 101.51 low are complete and there is a case that wave-5 is in place too based on recent bearish divergences. Regardless of whether wave-5 or b just completed at 104.49, a wave-c or (4) correction towards 103.50/30 would satisfy a modest pullback ahead of a resumption higher. Conviction: Med Levels: Support – 103.85, 103.50, 103.30 Resistance – 104.13, 104.49, 105.44
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