Because of five waves up last week from 111.68, we think that USD/JPY can find new buyers this week after a three wave correction. Well, market already came down close to 113.47 swing where support can cause a new bounce if we consider a possible expanded a-b-c flat correction. However, more complex and deeper decline is also possible, so 111.68 remains an important level; as long it will hold we are bullish on USD/JPY.
USD/JPY, 4H
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