USDJPY – Down Wave Analysis: Forn the past few days, the US Dollar has been trading with a strong bullish bias and is currently trading with an increasing bullish momentum. During this intraday, we expect a possible bullish wave count towards 111.16 and possibly breakout above it. The anticipated upward rally should be the continuation of both the impulsive waves (c) to the upper side but should not go beyond 116.61. The current chart set up and structure is pretty much bullish and holding onto or selling this pair could be disastrous in the long. Thus, we choose to either sit on the sidelines or remain long. Expect a similar wave count in USD/CHF and EUR/JPY. These pairs have a strong positive correlation of up to +85% and will have a similar price action during this intraday. Trade Recommendations: Remain long with the first target at 111.18 and the next target at 116.61.
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