USDJPY – Down Wave Analysis: Yesterday, the pair traded long as previously forecasted and even hit our first target along the immediate trend line. The current chart set up and structure is pretty much even, and movements to the either sides of the markets have equal chances. As long as the pair trades below 101.19, we expect a possible bearish price rally towards 100.24, any clear breakout above this level may call for long positions with an ideal target at 102.59. We expect usd/jpy to trade within the range of 102.59 and 100.24, any clear breakout above or below this range will push the price further to the direction of the breakout. We look forward to trading this pair alongside EUR/JPY and USD/CHF. These pairs have a strong positive correlation of up to 83% and will have a similar price action during this intraday. Trade Recommendations: Expect a possible bearish price rally towards 100.24.
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