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Wait for a rebuy from 38.2% fib level with an ultimate target around 61.8% fib level.

Wait for a rebuy from 38.2% fib level with an ultimate target around 61.8% fib level. | 30 June 2020

30 June 2020, USD/JPY

Wait for a rebuy from 38.2% fib level with an ultimate target around 61.8% fib level.

Wave Analysis

During the previous trading day, the impulsive wave (iii) continued to the upper side and is still pretty much bullish both on the 1 hour and the 4 hours chart. we expect the impulsive wave (iii) to continue to the upper side but should not go beyond 50.0% fib level where we'll be waiting for a correction towards 38.2% fib level. If you didn't pick the buy position from 106.905, then you can wait and buy the last impulsive wave (v) with an ultimate target around 61.8% fib level and could breakout much higher.

Trade Recommendations:

Wait for a rebuy from 38.2% fib level with an ultimate target around 61.8% fib level.

Bob Stan
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