USDJPY – Down Wave Analysis: During the previous trading week, The US Dollar rose massively despite the expectations that it would fall following Trump’s Win on the US Elections. The current chart set up and structures shows signs of potential bullish bias. We expect a possible impulsive rally towards $110.44 and possibly higher. The anticipated upward rally is the continuation of the impulsive wave (c) to the upper side and may end up above $110. As long as USD/CHF, EUR/JPY and USD/CAD remains bullish, we will remain long in USD/JPY. These pairs have a strong positive correlation of up to +89% and will have a similar price action during this intaday. Only buy or sell usd/jpy if the other pairs are giving the same signal. Trade Recommendations: Remain long with an ideal target at $110.44
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