USD/JPY's 7 month triangle breakout is now followed by a 2014 breakout and this is all unfolding as an impulsive Elliott wave rally, notes Nomura. "From a momentum perspective, there is no divergence and it is less common to see prices meaningfully top without a negative RSI divergence. Finally, there is no upside resistance as the 1998 monthly downtrend was broken at 104.84. Major support is now 105.44," Nomura adds. " S/t, the 60min chart is forming a bullish triangle consolidation; the coil projects to 107.90. Near-term support is 106.70/50 and then 105.71/44. The triangle idea is negated below 107," Nomura ... (full story)