Nomura: USD/JPY breached bearish flag
Analysts at Nomura point out that USD/JPY has made an exit from the classic bearish flag formation which was forming during 3 months. The targets for the pair now lie at 99.47 and 97.69. The specialists add that daily RSI went below 40 and that Elliot waves also point at the coming decline.
Resistance is at 101.43 and 101.67. This bearish scenario will stay in place as long as USD/JPY is trading below 102.36 (May 13 high).
Chart. Daily USD/JPY