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29.09.202106:11 Forex Analysis & Reviews: Elliott wave analysis of USD/JPY for September 29, 2021

Exchange Rates 29.09.2021 analysis

USD/JPY has been in a major uptrend since late 2011. The first impulsive wave move from the 75.66 low in October 2011 to a high of 125.86 in June 2012. Everything since then has been part of a major triangle correction in wave (B). We need a break above 112.23 to confirm that the triangle has completed and wave (C) now is in motion for a rally above the wave (A) high at 125.86. The long-term target upon a break above 112.23 is seen near 147.67.

A break above 112.23 is essential to confirm the completion of wave (B) and the onset of wave (C) higher.

*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.

Torben Melsted,
Analytical expert of InstaForex
© 2007-2022
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