Both outlooks for a rally in $JPY depend on prices holding above 101.43; a break below negates the bullish 1-2-i-ii option as well as the more complete a-b-c-x-a-b-c. A rally through 102.12 is needed to signal that one of these interpretations is playing out. Support is 101.61/57 and then, more critically, 101.49. Resistance is 102.12 followed by 102.65,102.83. Longs can remain in those positions (with a SL at 101.49) for an extension to 103.58/82. Conviction: Med Levels: Support – 101.61/57, 101.49, 100.82 Resistance – 102.15, 102.65, 102.80/83
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