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Friday, April 23, 2010

USD/JPY - Diamond formation activated

A big Diamond formation was activated in late March for a rally towards 97.20.

Looking at the wave count (see below) we can see that a five wave rally from 88.10 is shaping up. Wave 2 was a flat correction, while wave 4 alternated and became a sharp zig-zag correction. Wave 5 is ongoing confirming the Diamond target at 97.20.



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