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The wave iii of upward impulse is expected to emerge

11 August 2016, USD/JPY

An attempt of impulse drop was immediately stopped by bears, and the price has returned to its starting point. It is possible that growth and subsequent correction were the waves 1 and 2 of the emerging upward impulse in the wave iii. If this assumption is correct, in the near future we expect a rapid impulse growth caused by formation of the wave 3 of iii.

Therefore, it is necessary to try to open a buy trade with a stop loss at a local price Low.

Vasiliy Lukin
FreshForex Analyst
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