usd-jpy-30MTrend is bearish in USD/JPY currency pair in 30 minutes time frame. Short term support is present at 120.72 price level. Based on Elliott wave analysis, I expect price to break out of converging trend lines and move towards 122.60 price level. So, I am just waiting for a bullish break out. However; if price breaks below 120.72 support level then I will stay out of the market and re-analyze the price action of USD/JPY currency pair in 30 minutes time frame.

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