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Tuesday, January 21, 2014

USD/JPY - Wave ii is over and wave iii lower should begin any time soon.

USD/JPY

Red wave ii has extended to 104.75, but is likely over for the next powerful wave iii decline towards 103 and maybe even lower towards 101.92.
Only an unexpected break above 104.92 will invalidate the bearish Picture above.

Short term look for a break below 104.44 to confirm, that wave ii is over and wave iii lower is developing.

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