Prices have so far stalled at the low end of the 104.07/45 target zone that we outlined over the past 2 days. This is the top of a bear flag and a series of extension/symmetry targets. We favor a move lower; but a break back beneath 103.76 is needed to signal that a turn is at hand. (daily) S/t, there is a 5-wave rally in place from 101.72 to 104.11 but for today we need to see a move below minor support (103.76) to shift focus to 103.44 and 102.70. A move lower would also confirm yesterday’s shooting star reversal candle. (hourly) Conviction: Med Levels: Support – 103.76, 103.44, 102.70 Resistance – 104.10, 104.20, 104.45
Read the full report: USDJPY
Nomura