Overnight, JPY hit our 94.20 target for Wave-c of an unfolding triangle. The bullish Wave-IV triangle has been our base case and continues to unfold by marking time in a choppy range. Further back and forth is expected to keep prices bound by 94.20/96.13 before eventually rallying to one more new high. S/t, the bounce off 94.20 can set the stage for a move higher towards 95.76…that level offers another .618 relationship between alternating legs of the triangle. Below 93 we need to reassess our constructive stance as that would mean USDJPY has broken key pivot support along with both the Jan & Nov uptrends. Levels: Support – 94.20, 93.60, 93.00 Resistance – 94.75, 95.76, 96.13
Nomura