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We're buyers for now. | 08 August 2023

08 August 2023, USD/JPY

We're buyers for now.

USDJPY is presently exhibiting a bullish stance, following a minor drop from the resistance zone at 148.82, in alignment with our previous analysis. Notably, this pair maintains its bullish impulsive phase. As indicated by the chart above, the market is presently shaping the major outer wave 'V', with a target set at 149.25. Our projection is for the market to persist in its ascent towards 149.25, representing the anticipated conclusion of the major outer wave 'V'. For those considering trading, entering a long position could be contemplated, with a potential target range of 146.77 -149.39.

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We're buyers for now.

Bob Stan
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