Failed to sustain a move above 102.80/103.09 pivot highs; the channel from May acted as resistance and put the breaks on the rally. Our preferred outlook, and we are positioned this way (Long $JPY), is that the wave-[4] bull triangle is complete and prices are in the early stages of a wave-[5] rally to new highs. Below 102.27 warrants a more defensive stance because it raises the case of an alternate wave-d of B decline. (d) S/t, there is a bear flag forming on the hourly chart that suggests a further retracement today towards 102.04; the first minor support though is the old 102.27 pivot high. Resistance is 103.03. (hourly) Conviction: Med/High Trade: Long @ ~102.83; SL 101.75; TP 104.80/105.35 Levels: Support – 102.34/24, 102.04, 101.79 Resistance – 103.10/20, 103.50, 104.13
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