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    USD/JPY: correcting back in up-trend

       
    The longer-term up-trend is probably resuming after a corrective pull-back to 120.41 finished on July 8.

    Since then a mini-up-trend established itself and reached a high of 124.47 on the 21st before pulling back mildly. It is currently forming a small triangle, which will probably break to the downside in one more leg lower (labelled C on chart below ) before meeting support at the Monthly Pivot and using that level as a spring-board for the next primary trend leg higher.

    A break below the 123.67 lows would confirm a breakout from the triangle with a target at the monthly pivot at 123.42.
    USDJPY24

       
    The longer-term up-trend is probably resuming after a corrective pull-back to 120.41 finished on July 8.

    Since then a mini-up-trend established itself and reached a high of 124.47 on the 21st before pulling back mildly. It is currently forming a small triangle, which will probably break to the downside in one more leg lower (labelled C on chart below ) before meeting support at the Monthly Pivot and using that level as a spring-board for the next primary trend leg higher.

    A break below the 123.67 lows would confirm a breakout from the triangle with a target at the monthly pivot at 123.42.
    USDJPY24


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