From an Elliott perspective, Nomura notes that USD/JPY range bound wave-B but there is equal chance that the recent pop satisfied all of wave-B. "Prices will need to break 117.05 to raise conviction that wave-B is complete. S/t, support is 118.05/117.90 and resistance is 119.00. Our bias, in either scenario below, is for a move back to the low end of the range near 117.25/05," Nomura projects. "Last thing, we are also noting a possible head & shoulders top with neckline support at 117.25; this move lower would be the right shoulder," Nomura argues. In EUR/USD, Nomura still holds the view that the falling wedge from ... (full story)