We got a push overnight to the mid 105’s as expected but the rally out of the triangle still looks incomplete. The new momentum highs suggest that, post a correction, another new high is needed to form a bearish RSI divergence before a larger correction unfolds. The daily chart below shows a slightly different way to count the wave-[4] triangle but the target zone (mid 105’s to low 106’s) is the same. (daily) S/t, a wave-(4) pullback to 104.65 would accomplish a 38.2% retrace of wave-(3) and a=c symmetry. In order for this 5-wave advance to remain valid, $jpy must hold above 104.49. Conviction: Med/High Levels: Support – 104.65, 104.49, 103.56 Resistance – 105.31/44, 105.69, 106.19
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