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USDJPY : Uptrend Continuation

USDJPY is at new high with quite sharp rise away from 120.21 so we think that pair already accomplished wave (ii) and that big wave (NASDAQ:III) is underway. We see room for bulls up to 123.50 area, into 161.8% Fibo extension of wave (NYSE:I) and wave = equality level. From a trading perspective we will keep an eye on pullback of a subwave ii) to possible longs while market trades above 120.12.



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