There is a cycle day tomorrow that could indicate a minor top in USDJPY as wave-5 of (3) completes. Upside targets include the recent 103.38 high and the May 103.74 high. There is also a symmetry target at 104.60; the key is to look for a reversal and divergences to surface today and tomorrow from higher levels. S/t, support is 102.89/55 and more critically just above the breakout level at 101.63. Near-term resistance for today is 103.22 as we await resolution from a small bullish triangle. Levels: Support – 102.89, 102.55, 101.63 Resistance – 103.22/28, 103.74, 104.60
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Nomura