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USDJPY Elliott Wave Analysis: Looks For 104

USDJPY Daily

USDJPY accelerated nicely to the upside in the last few weeks after breaking above 100.60 swing high that represents a wave D) high in a triangle. Usually when this high is broken it means that triangle is complete and that market is moving impulsively. With that said, we think that prices are in a red wave 3) of (5) moving up towards new highs. USDJPY is now in bullish move as long as pair trades above 99.50.

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USDJPY 4h

USDJPY has retraced back to 101.60 last week where three wave decline appears complete after recent rally above above 103.00 level. We are talking about wave 4 pullback that is now pointing higher for wave 5 move towards 104.40-105.40 projected target as long as 101.60 holds.

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Written by www.ew-forecast.com