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Yesterday\'s break out of the local low from January, 19 by the USD/JPY pair, changed the wave situation totally, which had formed after the trades\' start in the new year. Although, it should be noted, that the correctional scenario of the current downslide motion development has not canceled yet. For more thorough understanding of the situation I had to study the hourly graph and to peruse the part of trend between 5th and 7th of January. As a result, it can be identified as the 5th wave of upward trend. Consequently, all lowering movement on the currency pair after January, 08 may turn out to be either “A” correctional wave in the borders of Up – trend or the first wave of a new turn of the Yen strengthening.
Best regards,
Analyst: A. Dneprovskiy.