USDJPY – Down Wave Analysis: As previously foreacsted, the US Dollar rebounded perfectly from the support level 112.54, headed long barely hit our first take profit at 114.01, and is currently pulling back to the lower side. We expect the downward rally witnessed earlier today to be a mere corrective move and should not go beyond 113.38 from where we’ll be looking for low risk buy opportunities to continue long. Any clear developments below 113.38 will push the price further towards 112.54. Expect a similar price action cadjpy, and nzdjpy. These pairs ha a strong positive correlation of up to +70 % and will have a similar price action during this intraday. Trade Recommendations: Conservative traders should wait for a break below 112.54 to short. Buy positions are only recommended above 114.01 or upon a clear rebound from 112.54.
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