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USDJPY Elliott Wave Analysis: Bearish Continuation

|Includes: Invesco CurrencyShares Japanese Yen Trust ETF (FXY)

As expected, USDJPY extended its weakness and even accelerated to the downside in this week. A sharp move like this is personality of an impulsive price action so market should remain bearish for a decline back to 100.74 and probably even to 100 area afterwards, especially if we consider a completed corrective rally at 104.11. However, corrective moves and pullbacks will always occur, so be aware of short-term rally in the next few sessions before downtrend may resume again.

USDJPY 4h Elliott Wave Analysis

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