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USDPY is trading higher and now forming much sharper and extended pull-back from 93.78 than previously thought.

However, this rise is still in three waves with wave C now approaching the important resistance area at 101.50-102.00 where we can see a 78.6% retracement of wave A)/1) and as well as wave A=C level.

As such, it is a very important zone for a possible turning point.

But only an impulse sell-off from here and back to 99.00 will confirm our bearish bias.

USD JPY Elliott Wave Analysis July 3 2013 technical outlook for dollar yen forex