usd-jpyTrend is bullish in USD/JPY currency pair in 4 hours time frame. Support is present at 122.92 price level. I expect price to drop to complete bearish Wave C. Based on Elliott wave pattern, market is probably going to remain sideways for the time being. Next, expect a new high in price. If bearish candlestick closes below 122.92 critical support level then up trend is going to end. In this case, I would prefer to stay out of the market and re-analyze the price action.

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