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We're long for now

We're long for now | 07 August 2023

07 August 2023, USD/JPY

We're long for now

USDJPY is currently maintaining its uptrend and remains within an impulsive phase. However, we anticipate a potential slight drop or consolidation, expected to reach at least 139.47. This pause is influenced by the resistance zone at 143.75, before resuming its upward trajectory. As seen in the chart above, the market is presently shaping the major outer wave 'V', with our target set at 149.25. Our projection is for the market to continue ascending towards 149.25, where we anticipate the conclusion of the major outer wave 'V'. To potentially take advantage of this anticipated rise, you might consider initiating a buy order now, setting your profit target at the next resistance zone of 145.04.

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We're long for now

Bob Stan
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