USDJPY – Down Wave Analysis As previously forecasted the impulsive wave 3 extended to the upper side but could not go beyond 103.85. Following its correction towards 103.14. We expect to buy the impulsive wave 5 towards 104.36 or even higher. This upward rally is highly anticipated since the other positively correllated pairs such as NZD/JPY and CAD/JPY are pretty much bullish and will head futher to the upperside. A key resistance level can be seen around 105.25 and 105.69 while support levels can be seen at 102.93 and 102.27. Trade Recommedations: We are long with an ideal target at 104.38 and the next target at 105.25.
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