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Three-wave structures are shown on a daily chart, with the trapped price action between 80.30 support and 84.00/40 resistance region for some time now.

We know that three-wave formations are corrective waves, and as such, the whole price structure since October 2010 must be a corrective pattern, that may finish soon.

USD JPY Elliot Wave March 7

Wave E, final leg of a pattern must complete somewhere below   83.96 region.

New lows should be seen in days/weeks ahead.

Guest post by Gregor Horvat.

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