JPY hit the first of our new upside targets at 95.95. The focus now shifts to 96.74 which is a momentum based target derived from a positive reversal in RSI. Beyond 96.74 is the upper channel resistance level at 97.70. (ch1) S/t, a small bullish consolidation is forming as Wave-4 of a rally that has unfolded from 90.88. Through 96.26 raises the probability that the consolidation is complete and Wave-5 higher is underway. For today, support is at last week’s 95.50 lows. Just above 95.50 is an intraday uptrend that can further support pullbacks near-term. (ch2) Levels: Support – 95.89, 95.50, 95.09 Resistance – 96.26, 96.55, 96.74
Nomura