USDJPY – Down Wave Analysis USD/JPY is currently trading with an increasing bullish momentum. Yesterday, the pair rose from 106.84 towards 108.41 and is still pretty much bullish on both the daily and weekly charts. We expect the current bullish price movements to be the continuation of the larger impulsive wave (c) and the inner wave (c) towards the short term resistance 110.47 and will likely break above it. Any clear rebound from $110.47 may invalidate the anticipated upward rally and could lead to a possible consolidations around this level. Expect an exact similar price action in USD/CHF and EUR/JPY. These pairs have a strong positive correlation of up to +82% and will have a similar price action during this intraday. Only buy or sell USD/JPY if the others positively correlated pairs are giving the same signal. Trade Recommendations: Conservative traders should wait for minor pullbacks to go long with an ideal target $110.47
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