Yesterday, Nomura focused on the possibility of a developing bullish triangle in USD/JPY and the need for a break through 102.86 to promote this outlook and negate the bearish alternate analysis. "No confirmation yet but the a-b-c rally off the lows is still the base case. Wave-a was a sharp impulse from 100.76- 102.70 and following this wave-b correction another sharp thrust targets 103.70," Nomura projects. "S/t, support is still 101.77/47 as this can mark a floor for the wave-b pullback. The lows at 100.76 are critical to keeping this near-term bullish outlook intact for USD/JPY," Nomura adds. In AUD/USD, Nomura ... (full story)