$JPY is sitting on critical uptrend support this morning with wave-2 retracing a larger than expected portion ofthe rally from 97.81 to 98.85. Our outlook for a break of 99.00 is still intact but a failure to hold above 97.81negates this bullish interpretation.S/t, look for a rally through 98.53 to reassert that wave-3 of (3) is in fact underway. The recent 98.17 lows iskey pivot and trendline support for today and critical to our longer term outlook is the sharp pullback low at 97.81.Levels: Support – 98.17, 97.81, 97.47 Resistance –98.53, 98.85, 98.99
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Nomura