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USD/JPY: Symmetry & Extension Target; EUR/USD: Quick Wave-V - Nomura
The downtrend channel in USD/JPY from 102.80 is still intact but a higher low is now in place above 101.07 as last week’s decline halted 2 pips above, notes Nomura. "Now a higher high above 101.80 could offer the first sign that a change in trend is taking place," Nomura argues. "S/t, the 101.44, 50% retrace is initial resistance today followed by the downtrend from earlier this month at 101.60," Nomura adds. "We expect that 101.80 will be a key resistance levels as that represents a pivot high, a symmetry target of the 101.07-101.80 rally and a 1.618 extension target of the 101.09- 101.45 rally," Nomura projects. ... (full story)