USDJPY – Down Wave Analysis: The US Dollar continues to retrace to the upper side despite our expectations to continue bearish. We expect the current upward rally to be a mere pullback and should retest the level 118.03 from where we’ll be looking for a possible rebound to go short. Otherwise, any clear breakout above 118.67, may invalidate the anticipated downward rally and could culminate into a possible bullish price rally towards 121.00 or even higher to 124.00. Expect a similar wave count in CADJPY, AUDJPY, EURJPY, NZDJPY and HKDJPY. These pairs have a strong positive correlation of up to +85% and will have a similar price action during this intraday. Trade Recommendations: If you’re not long already, wait and buy above 118.67. Sell positions are only recommended upon a clear rebound from 118.19.
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