The USDJPY rally from its record low (just below 7600) is left as a 3 wave rally which is corrective and leaves price vulnerable to new lows. Reinforcing the bearish structure of the 3 wave rally is the sharp decline from yesterday’s high (impulsive). Short term resistance extends to 7705/25. If the USDJPY breaks down, the next level of interest on the downside would be the 161.8% extension of the decline from 7769, at 7507.
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