USDJPY – Down Wave Analysis: As anticipated, the pair rallied to the upper side, broke above $104.01 and is still pretty much bullish on the daily chart. As long as the pair trades above the resistance level $104.01, we expect a possible bullish price movement towards $104.56. any advancements above $104.56 will push the price even higher. This view can only be rendered futile in case the pair end up breaking below $103.92. This will signal and increase in the number of sellers in the market and could push the price further to the lower side. We hope to trade this pair alongside USD/CHF, USD/CAD and EUR/JPY. These pairs will have a similar price action during this intraday. Trade Recommendations: As long as the level $104.01 protects the lower side, look for potential long positions with an ideal target at $106.23 and the next target at $108.22. Sell positions are only recommended below $103.76 with an ideal target at $101.72.
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