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USDJPY Elliott Wave Analysis: Corrective Rally

It seems that USDJPY has finally found the base at 101.17 where we labeled a completed wave (b) and that price is now heading to the upside within wave (c). Notice that reversal from latest swing low was fast and sharp so we see it as impulsive bounce that is part of current bullish sentiment. Based on minimum expectations we expect a break above 102.82 high, but ideally rally will reach 103.43 figure.

USDJPY 4h Elliott Wave Analysis

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