USDJPY bettered both the 88.30 & 88.94 upside levels presented yesterday and is already traced an impulsive 5 wave move to start a new rally. Prices are currently extending in a small wave-3 that is expected to challenge recent highs at 89.67. We need to see a sharp rally through those highs to confirm that the correction from Friday is complete. S/t, the next set of upside targets are 91.03 and then 93.01. So far this rally from September has shown significant symmetry; Wave-(5) equals Wave-(1) at 91.03. Higher, by segmenting the rally at the middle of its strongest move we get an upside target of 93.01…that is also the large head & shoulders breakout target. Levels: Support – 88.94, 88.80, 88.14 Resistance – 89.67, 91.03, 93.01
Nomura