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Chart of the Day: Usd/Jpy Reversal Pattern

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Chart of the Day:

Usd/Jpy

Recent trade saw the market bounce powerfully from the 84.80 area, where wave C) low of a larger short (NYSE:Y), of a complex black wave 5 pattern, was completed. Technical traders should focus on long Usd-Jpy positions, since the long-term bear market has been reversed.

Currently, the market is trading in a corrective, blue wave 2) leg, after the prices in a blue wave 1) reversed recently at 93.76. Once wave 2) finds its lows somewhere above 84.80 region, we will look for an up-trend continuation towards the new highs of 2010.

TheLFB Charting: Usd/Jpy daily view 

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