My original leading diagonal count for the USD/JPY pair is no longer a possibility as price has broken through support at 88.011. Here is a new count of what may now be happening with the pair. There is a strong support line at around 87.12 drawn from the lows of December 2008 and January 2009. I do not expect this support to be broken easily. I will be setting a limit order to buy a small position in this pair at 87.20, with a stop at 86.00, just beneath the 138.2% Fibonacci of the A leg of the flat.
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