The bullish triangle has been negated overnight with the break of 101.39 support. Still, above 100.77 we favor a bullish Elliott count that has prices completing wave-(b) of an (a)-(b)-(c) rally with expectations for a move to 103.75. The market is still below the uptrend from Oct 2012/13; also prices have not recovered the 102.86 breakdown from January so confirmation of a turn is mandatory to promote the bullish outlook. S/t, support for today is 100.77/61. Resistance is the o/n break at 101.39 and then 101.67 which has been a key pivot as well as key gap level. . The onus is on $yen bulls to change the 2-month downtrend with a rally back through 101.39/102.86. Levels: Support – 100.77, 100.61, 99.01 Resistance – 101.39, 101.67, 102.86
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Nomura