USD/JPY sell-off from the highs held and bounced from key long-term support at 122, notes Nomura. "122 marked the pivot highs in December and March. We still view this choppy decline as a correction and expect another new high to mark a final wave-5. The target for wave-5 is 126.45," Nomura projects. "S/t, the rally back through 122.46 leaves behind a bear trap and sets the stage for additional upside now," Nomura adds. "The pattern that led to this final push lower was a bear triangle so a rally through the end of the triangle at 123.99 will further bolster our bull case; above 123.99 also clears the month-long ... (full story)