$USDJPY (7.25.2013)

Wave (( b )) high appears to be in place @ 100.87 and wave ( b ) of (( c )) also appears to have completed @ 100.46 . As the lower level holds, expect to see further losses in the pair toward equal legs (97.55) before it attempts to resume the rally. We are not thrilled about selling the pair as we continue to view it as a buy the dips market.

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