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Tuesday, June 14, 2011

USD/JPY - Ready for the next leg higher

USD/JPY should be ready for the next leg higher. I still regard the test of 79.67 as the bottom of wave ii, which will be confirmed by a break above 80.69. Breaking the 80.69-resistance would target 82.21, but further out we should see the long term resistance-line near 83.50 tested.

Only a break below 79.67 will delay the next leg higher for a move down to 78.80 before higher.


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