Yesterday prices reached the minimum target that we proposed for the wave-(c) rally at 103.15 (high was 103.17). This was a symmetry target between the rallies in Feb & March as well as channel resistance. In order to promote the higher 103.65/104.35 target zone prices need to close through 103.20. (daily) S/t, $yen is staging an impulsive move but the 2 prominent rallies were also equal at 103.17 yesterday and has led so far to a sideways correction. A break of 102.81 on the downside can lead to a much deeper decline to 102/101.50 as a continuation of the choppy 2-month range. For today, the key range is 102.86/103.20 and we favor a go with bias on a break of either level. (hourly) Levels: Support – 102.81, 102.61, 102.27 Resistance – 103.20, 103.44, 103.65
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Nomura