USDJPY – Down Wave Analysis: As expected, the corrective wave (b) traded massively short for the latter parts of the previous trading week but could not go beyond a key pivot level 112.57. During this intraday, we expect a possible rebound from this level to buy the impulsive wave (c) towards 115.38 and could break higher to 118.16. This view can only be invalidated in case the pair end up below 112.37, if this case, the an acceleration to the lower side is inevitable. Trade this pair alongside CADJPY, AUDJPY, and NZDJPY. These pairs have a strong positive correlation and will have a similar price action during this intraday. Trade Recommendations: Expect a possible rebound from 112.57 to go long with an ideal target at 115.38
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