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Market Alert: Japanese Yen

On July 22, USDJPY -- a.k.a. the Japanese yen -- experienced a sharp intraday drop. The market has recovered since then – i.e., the yen fell against the dollar. Now, the thinking is that the next big move will largely depend on the events in Ukraine and Gaza.

"Until the market gets a better sense of the trajectory of those events, you can expect some residual caution," said a forex strategist on July 18 (The Wall Street Journal)

From an Elliott wave perspective, however, the next move in the yen is already becoming clear.

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