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Elliott Wave Overview: 30year US Bonds Vs. USDJPY

30year US bonds are moving higher into a third leg of recovery, which we think its wave C of corrective retracement as already discussed yesterday. Usually in such pull-backs you will see a reversal back to the termination point of a previous fourth wave, so be aware of more upside in the near-term. Further gains on bonds will probably cause even more weakness on USDJPY.
30year US bonds 4h

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USDJPY fell sharply lower last week through the 99.25 swing low which was a trend change point. As such, we assume that top is in place, at least temporary and that market will make three waves down. If that's the case then pair is now in wave B/2 that may find resistance around 100 area from where we will see a decline down to 97.00 this week.

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