Our bull triangle interpretation was invalidated with yesterday’s move below 108.01 but the decline from 110.09 has traced a corrective a-b-c with a=c at 107.83. The market is bouncing nicely off that symmetry target. This 3-wave decline can satisfy a larger wave-(4) correction ahead and lead to a new wave-(5) high. S/t, channel resistance is the first upside hurdle at 108.41 followed by pivot lows at 108.67. Critical support is now the triple bottom at 107.83. Levels: Support – 107.83, 107.39, 106.81 Resistance – 108.41, 108.67, 109.23
Read the full report: USDJPY