We’ve discussed the long-term outlook for $jpy but lets refresh one more time. Our base case is that the pattern from January is a bull triangle and wave-E is done at 101.07. Prices need rally through 102.80 to confirm this analysis and more importantly not break 100.82.. Below 101.07 suggests a test of 100.82 is forthcoming and in that case we will begin to raise the probability of the bearish alternate case (email me if you’d like to see that chart). (daily) S/t, hourly chart bounced from critical 101.07 support o/n and is now stuck at the 50% retrace level and Tuesday’s spike low at 101.44. Above 101.44 can take us back to 101.80 today and key support remains 101.07 so the proposed daily range for today/Sunday is 101.07/101.80. (hourly) Conviction: Med Levels: Support – 101.30, 101.07, 100.82 Resistance – 101.44, 101.60, 101.80
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