USDJPY – bull flag can be confirmed with rally through 99.10/20

Wave-E of wave-4 is considered complete at 97.76 and therefore prices cannot dip below that level without invalidating our bullish outlook; still we are awaiting confirmation via a close through 99.67. Meanwhile, a deep bull flag has formed and can set the stage for a wave-iii rally towards the target zone of 100.17/101.35.
S/t, key support has formed at the 98.27 pivot low and the multiple 4hr highs at 99.10/20 represent upside resistance. Once through 99.10/20 that supports a quick move to the more critical 99.67 level. Levels: Support – 98.52, 97.76, 97.50 Resistance – 99.18, 99.67, 100.61

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