USDJPY – above 101.53 negates risk that rally is still wave-D

Now that the bull triangle has been broken it is important to highlight the risks to our call for a rally to 105.65/106.45. Because Wave-E was relatively small there is a chance that wave-D is still unfolding and targeting the .618 level at 100.59; we cannot negate this option until $JPY breaks the July high at 101.53.

S/t, support is now the 99.15 high and the next pivot zone at 98.52. A close above 99.95 sets up a test of the 100.59/87 zone that is likely to act as at least minor resistance. The most critical topside pivot is still 101.53 because it definitively confirms that this consolidation is complete. Levels: Support – 99.15, 98.52, 97.85 Resistance – 99.95, 100.87, 101.53

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