USDJPY – Down
Wave Analysis
This pair is currently trading with an increasing upward momentum. We expect to continue long with the impulsive wave 5 to the upperside but should not go beyond the resistance level 106.18, any clear breakout above this target may push the price further to the upperside. Any clear indication that wave 5 has ended below 104.31 may culminate into a truncated 5th wave. Expect a similar rally in NZD/JPY and CAD/JPY. These pairs have a strong positive correlation of up to +0.80 and will have a similar price action during this intraday.
Trade Recommendations:
We are long with an ideal target at 106.18.
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