USDJPY – above 98.66 leaves behind 3-wave corrective decline

The rally through 98.50 met expected bull flag resistance at 100 (99.95 high). The pullback is holding firmly within the channel albeit with a deeper than expected retracement; it still appears that this move lower is wave-ii in an unfolding 5 wave rally. Uptrend support from mid-June at 97.85 must hold to keep the bullish outlook intact.

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