USDJPY – Down Wave Analysis: Instead of going short, the pair rallied to the upper side, broke above the resistance level $104.01 and is still very much bullish on the daily chart. We expect the just broken resistance level $104.01 to act as a support to any bearish price rally. Thus, as long as the level holds true as a strong support, we expect to continue long with an ideal target at $106.20. Only a clear breakout below this level may invalidate the anticipated upward rally and could lead to a possible bearish price movements towards $101.72 or even lower. Expect a similar price action in USD/CHF and EUR/JPY. These pairs will have a similar price action during this intraday. Trade Recommendations: Remain long with an ideal target at $106.20
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