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USD/JPY: wave analysis on 05.08.2015

An upward trend is strong. 

Assumingly, a local correction in the form of wave (ii) that reached the correctional level 38% is finished. Locally, most likely the third wave (iii) is forming, within which the first and the second waves have formed. If the assumption is correct and the price does not break down a critical level of 123.50, the pair continues growing towards 126.50, 127.00. Otherwise, the correction continues towards 50% or 62%. 

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