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As expected USDJPY hits 110.67 level  which was our minimum upward objective last week, based on the projection for a third wave up that we marked it as wave C or wave 3. For now it can still be a little early to confirm if the rally up is corrective or a new bullish impulse in progress, but based on the strong momentum in the last few days, we think that there can be room for wave 3 towards 112.50-113.00 in the next few days.


USDJPY 4 (1)


AUDUSD broke sharply to the downside in the last few hours, into a third wave of decline which has a very strong bearish momentum so it can be wave 3) as part of a new bearish impulse. As such, an ending diagonal can be finished then which means that the pair is expected to go much lower. Based on the short-term projections we see room for 0.7540, where wave 3) would hit 161.8% Fibonacci extension of wave 1 measured from end of wave 2).


AUDUSD 4 (3)