Monday February 15, 2016 - 00:13:06 GMT
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Max McKegg's USDJPY Forex Forecast
After last week’s “plunge” toward the 111.00 level, the Dollar is now undergoing a “relief” rally.
From an Elliott Wave perspective, I can make a good case that a corrective recovery toward the “4th Wave of one lesser degree” at 114.20 – 115.60 is underway; with a test of short term mathematical at 115.l0/115.25 quite likely.
In the context of classical Charting, such a corrective recovery is seen as a (typical) retracement toward Head and Shoulders Neckline resistance (refer Daily Chart below) before the Downtrend is ready to resume.
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