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We're long for now

We're long for now | 04 October 2023

04 October 2023, USD/JPY

USDJPY remains bullish. Although we experienced a very impulsive move to the downside, the price didn't close below the major wave "IV" at 148.57. This indicates that the price is still strongly bullish and in an impulsive phase. The price is nearly completing the outermost major impulsive wave 'v,' with our target set at the resistance zone of 150.40. We will wait for the price to reach our target of 150.40 before considering a short position. Alternatively, you can enter a long position at 149.19 with a profit target ranging from 150.22 to 150.40.

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We're long for now

Bob Stan
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