Prices have not yet reached the ideal 101 level where wave-a = c (within wave-E). We view the decline post the wave-b coil as a still incomplete wave-c; nevertheless, Yen is nearing a major low target and SL levels just below 100.82 clarify an objective level where the bull triangle idea no longer works. S/t, prices have completed a bear flag to mark wave-iv and are set to make another new local low to complete wave-v of 3. Based on this analysis, prices should hold below 101.63 so above there we need to reassess. For now the path of least resistance remains lower to 101. Resistance is 101.60, support 101.40/24. Conviction: Med Levels: Support – 101.32, 101, 100.82 Resistance – 101.49, 101.74, 102.20
Read the full report: USDJPY