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USD/JPY: wave analysis on 15.05.2015

Presumably, a local correction has developed in a form of triangle-shaped fourth wave 4. Apparently, the final wave e of 4 has formed locally. If the presumption is correct, the pair will logically rise to a level of 122.00 within the fifth wave. The level of 118.48 is critical in this scenario as the breakout will enable the pair to continue declining to the levels 118.00–117.00.

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