The mid 105’s/106 was our major target zone for the post triangle thrust in $JPY. The market has cleared those levels handily and leaves behind a major 105.44 breakout as well as a monthly 1998 downtrend break. Our long-term Elliott count suggests that this rally from 101 is a major wave-[5] but there is no sign that the extension higher is complete as of yet. (weekly) S/t, pullback support is 106.70/50 and the next upside target is 107.50. The last corrective price action was between 105.71/104.69 so any more substantial declines will likely find major support in this zone. Conviction: Med/High Levels: Support – 106.70/50, 105.71, 105.44 Resistance – 107.50, 109
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