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Saturday, 25 January 2014

USD/JPY Daily



General Overview for 25/01/2014:
There are two possible scenarios for  this wave progression to develop and just because there is no immediate impulsive reaction to the downside after a possible top has been made I'm still long USD/JPY. The critical level on H4 and Daily time frame for a bullish continuation is 101.62 - 102.47 area, where the corrective cycle of Irregular Flat ABC might finish.
The other scenario is a wave 5 TRUNCATION as per chart and that means thes pair should continue with sudden sell-off for to the downside.

Trading Recommendations:
Buy the grey rectangle area.

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