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    USD/JPY: wave analysis on 20.07.2015

    A decline within correction is expected.

    Assumingly, a formation of a starting impetus as the first wave (i) within the third wave iii of 5 of the senior level is finishing. Locally, a downward correction towards the 50% level (122.50) is expected to develop. After the correction, the growth towards 126.00-127.00 should continue. The critical for this scenario is the level of 120.35.

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