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- We have been waiting for a correction on this pair since the 12200 breakout. The strengthening Yen is due to risk aversion from the Greek referendum which will more than likely correct itself as the week goes on. The USD is still the stronger currency here and although we do believe we are coming to the cap on this pair another rally is still on the cards. the falling wedge
pattern is indicative of consolidation during an uptrend and is no stranger to forming on the USD/JPY
pair. You could wait for the price action
to break out of the top of the wedge
but with fundamentals on my side I am confident to make the most of this temporary strength in the yen and buy at the extreme lows around 12150.