We marked the midpoint in $JPY a few weeks ago by finding the longest uptrend which is often “wave-3 of 3”. The midpoint allows us to project targets based on symmetry. The target for the current wave-5 within wave-(3) is 104.60. Another sideways correction would set the stage for the Q1 rally to complete wave-(5). (240min) S/t, resistance is 104.60 and then 105 and support is 104.37/103.78. A break of 103.78 will signal that the 5-wave decline from 12/17 is complete and the correction is underway. (60min) Levels: Support – 104.37, 103.78, 102.73 Resistance – 104.60, 105
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Nomura