USDJPY – Down Wave Analysis: As expected, the impulsive inner wave (v) and outer wave (c) traded short but is yet to hit our target take profit 111.34. During this intraday, we still expect further momentum towards this level or even a possible breakout below. The anticipated bearish price rally is the is the completion of both the impulsive waves (v), & (c) but should not go beyond 108.99. Alternatively, conservative traders could wait for a clear 111.34 to go long or wait and sell below 111 with an ideal target at 108. This pair should be traded alongside CADJPY, AUDJPY, and USDCHF. These pairs have a strong positive correlation of up to +87% and will have a similar price action during this intraday. Trade Recommendations: Conservative traders should wait for a clear rebound from 111.70 to go long, alternatively, wait and sell below 111 with an ideal target at 108.
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