USDJPY reached
new lows few hours back around 99.20 where we marked end of a five wave decline
from 100.83. We know that five wave patterns show direction of a trend so we
think that larger trend for USDJPY is down and that current intra-day rally
represents a correction within larger downtrend. Ideally pair is now in wave
(ii) but even if that would be wave (b) bias is lower for a third leg of
decline. Ideally market will find resistance around 100 level after three legs
up. We will be considering shorts with our members in coming sessions.
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