USDJPY – Down Wave Analysis: After a failed attempt to correct itself higher, the US Dollar is showing signs of continuing short . During this intraday, and in the coming days, we expect a possible bearish price movements towards 107.25 and could break even lower. The anticipated bearish price rally is merely the continuation of the impulsive wave (E) to the lower side and break below 107.25 to the lower side with the next target at 100.00. This pair has a strong positive correlation of up to +68% with the following pairs CADJPY, NZDJPY, CHFJPY, HKDJPY and AUDJPY and will move in the same direction during this intraday. Only buy or sell the US Dollar if the other positively correlated pairs are giving the same signal. Trade Recommendations: We’re short with our target still fixed at 107.25. Conservative traders should wait for a pullback to short this pair
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