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The bigger picture for Binary Options in USD/JPY appears to be CONFIRMED Bullish, with long-term targets in the 113.00 price area.
USD/JPY appears to have just completed a Minor Wave C of a bigger Wave 2 correction. Wave 2’s likely termination point appears to be the 38.2% retracement of Wave 1, which coincides with the 161.8% projection of Wave C around the 100.712 area.
Major Wave C in the bigger picture appears to be unfolding as a Long Term Ending Diagonal, giving us further confidence in the 38.2% retracement of Wave 2 vs. Wave 1 of Major Wave C.
The chart below illustrates USD/JPY’s current decline in Wave 2, followed by a powerful resumption of the Bullish Trend – It is very likely that Minor Wave C is complete, having already retraced 161.8% of Minor Wave A.
Click The Binary Options Elliott Wave Chart Below To Expand:
Should USD/JPY continue to rise, it will be a reasonably impulsive powerful rise as Wave 3 almost always has a powerful course – Binary Options traders will stand to make better decisions when pursuing the price in this current uptrend.
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