The 104.60 has marked an important high (so far) in Yen and our analysis suggests that Friday’s reversal marked the end of wave-5 of (3). A wave-(4) correction is now expected to mark time in a sideways range between 102.50/104.50 over the next month ahead of a final wave-(5) rally towards ~106. (240min) S/t, support today is 103.86 with little below on the way to 102.50. Friday’s sharp decline on the hourly chart was followed by a bear triangle and projects additional losses to 103.26/102.78; that decline could mark wave-A of an unfolding triangle wave-(4). (hourly) Levels: Support – 104.37, 103.78, 102.73 Resistance – 104.60, 105
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