Similar set-up here to EUR/USD and the question is whether a 3-wave recovery has now completed at .9990 or whether a 5th wave eventuates, and takes us back towards 1.0150. Initial hourly support is at .9890 but the strong support is at .9865, which provided 3 previous hourly highs and is also the 38.2% retracement of .9675/.9990.
A clean break back below .9850 would strengthen the bear case but I’d prefer to buy intraday at .9865 with a tight stop looking for a .9990 re-test.
