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USD/JPY

Fri, Mar 20 2009, 16:15 GMT
by Dimo Dimov

Karoll


Elliott Wave Analysis

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The chart shows the movement after the reached high 99.66. I think it is corrective in nature and is developing as a double corrective combination with its second phase currently under way. I suggest it will turn out to be a triangle but there are also other alternatives. When the correction is over, one should expect new rise to 100 yen per dollar. With an eye on this I will look for entry level for a long position but only when I have a clear pattern. Until then I prefer to be flat.

chart 4




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