USDJPY – Down Wave Analysis: As anticipated, the impulsive wave (5) traded long and even broke above the resistance level $104.01 but has currently retraced below it. As long as the pair trades below $104.01, we expect an acceleration to the lower side, any clear breakout above $104.20 will culminate into a possible momentum to the upper side but should not go beyond the resistance level $106.15. Although the downward rally is highly anticipated, instead of going short immediately, we’re only interested in selling the impulsive wave (c). In the meantime, we wait for the current corrective wave (b) to rebound from $104.01 to give us low risk sell opportunities. Trade this pair alongside USD/CHF and EUR/JPY. These pairs will have a similar price action during this intraday. Trade Recommendations: As long as the pair trade below $104.01, look for potential sell opportunities with the first target at $102.77 and the next target at $101.66
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