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USD/JPY: up-trend still intact but threatening more downside

   
USD/JPY has fallen in an a-b-c correction down from the June 5 highs. The move was quite sharp and there is a possibility it could be the start of a deeper correction or reversal.

The correction comes after the exchange rate broke out of a long 6-month triangle it formed at the start of 2015. Triangles often precede the final move in a trend, raising the possibility that the up-trend may have come to an end.

Nevertheless it has not ended yet and a continuation higher is possible. The pair seems to have formed an incomplete measured move after bottoming on Wednesday. The pattern is currently unfolding its B wave, with the C-leg possibly still to come. A break above the 124.13 highs would confirm a move higher, initially to 124.63.

Alternatively a break below the 122.45 lows would probably indicate a reversal of the very-short-term trend down with an initial target at 121.18.
USDJPY12

   
USD/JPY has fallen in an a-b-c correction down from the June 5 highs. The move was quite sharp and there is a possibility it could be the start of a deeper correction or reversal.

The correction comes after the exchange rate broke out of a long 6-month triangle it formed at the start of 2015. Triangles often precede the final move in a trend, raising the possibility that the up-trend may have come to an end.

Nevertheless it has not ended yet and a continuation higher is possible. The pair seems to have formed an incomplete measured move after bottoming on Wednesday. The pattern is currently unfolding its B wave, with the C-leg possibly still to come. A break above the 124.13 highs would confirm a move higher, initially to 124.63.

Alternatively a break below the 122.45 lows would probably indicate a reversal of the very-short-term trend down with an initial target at 121.18.
USDJPY12



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