The bear flag from February has resolved lower based on yesterday’s close. There is one final hurdle at 101.50, a secondary uptrend from Feb, that needs to be broken in order to promote a stronger decline. Post 101.50, we expect 101.33 to yield and create a sharp move to the initial symmetry target at 100.22. (d) S/t, the sell-off from the 103.02, 61.8% retracement, has been unfolding impulsively. We view the range since o/n trade as a sideway, wave-iv that can complete below 101.87. For today, our proposed range is 101.87 to 101.33 as the latter level will likely offer minor support on the initial test. (h) Conviction: Med Levels: Support – 101.43, 101.33/21, 100.78 Resistance – 101.77, 101.87, 102.19
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