USDJPY – Down
Wave Analysis:
Recently, the US Dollar bounced off from the resistance zone 110.40-110.30 and is currently heading to the lower side, we expect further momentum to the lower side and should break below 108.40 towards 104.00 or even lower. According to the 4 hour chart and the daily charts, a short position with an ultimate target at 104.00 looks more ideal and can recommended. This pair should be traded alongside CADJPY, CHFJPY, AUDJPY and NZDJPY. These pairs have a strong positive correlation of up to +53% and will move in the same direction today. Only buy or sell the US Dollar if the other positively correlated pairs are giving the same signal.
Trade Recommendations:
Remain short with an ultimate target at 104.00.
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