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USDJPY, Elliot Wave Analysis

1/6/2023 10:21 AM

A fall is possible.

On the daily chart, the third wave of the higher level 3 ended, and a downward correction forms as the fourth wave 4, within which the wave of the lower level a of 4 developed. Now, the wave b of 4 has formed, and the wave c of 4 is developing, within which the development of the wave (ii) of c is ending. If the assumption is correct, the USD/JPY pair will fall to the area of 127.36–121.67. In this scenario, critical stop loss level is 138.00.

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