Bounced off the 103.50 pullback and now broke bull flag resistance. 103.56 marked the low of wave-4 or wave-a of 4; we now are focused on a move higher to complete wave-5 in a cycle that began from the July lows. The wave-1=5 target is 105.55 which aligns nicely with the Jan highs. Also, the 7-month triangle yields a projection target of 105.77 which again aligns with these other upside target. Finally…there is one more target that suggests that this zone can mark a substantial TOP in $JPY (see chart 2). Conviction: Med/High Levels: Support – 103.50, 103.30, 103.09 Resistance – 104.17, 104.49, 105.44
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