USDJPY reversed nicely higher in this week, now
already trading well above the upper trend line of a corrective channel
connected from 99.00 swing high. This breakout is a confirmation for a change
trend; from temporary bearish direction to bullish view. As such, we believe
that corrective three wave decline in wave 2/B is complete at 96.92 and that
prices are moving up in wave 3 or wave C. Both waves, C and 3 are motive waves
which means that we expect a five wave rally from end of wave 2/B so pair is
expected to revisit zone above 99, possibly even 100 psychological level. In
the near-term however, we could see a pull-back to 97.90-98.10 region in wave
(ii) before uptrend resumes.
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