USDJPY solidified the end of a small correction with a rally to new highs yesterday. This sets our focus on our first upside target zone of 91.03/91.25 where 2 long-term extension targets align. S/t, since late yesterday prices have been range bound in a correction and hourly chart suggests a bull triangle. These are often found in the wave 4 position and also penultimate patterns. Expect a sharp resolution higher through 90.21 to carry prices to the 91.03/91.25. The minimum expectation for this move still targets new highs just below 91.00. Levels: Support – 89.65, 89.57, 89.23 Resistance – 90.21, 90.85, 91.03
Nomura