USDJPY – Down
Wave Analysis:
USDJPY is currently trading with a bullish. During the previous day on 22nd April 2016, the pair traded massively long as previously forecasted and is still pretty much bullish. During this intraday, we expect the current downward rally to be a mere retracement towards 110.97 before we continue long, during this day, key resistance levels are seen at 112.21,112.55 and 113.700. A clear rebound from these levels will reverse the price action to the lower side. This pair should be traded alongside EUR/JPY, AUD/JPY, GBP/JPY, GBP/CHF and USD/CHF. These pairs have a strong positive correlation of up to +0.98 and will likely move in a similar direction during this intraday.
Trade Recommendations:
Wait for a clear rebound from 110.97 to go long with your target at 112.21, and 112.55. A clear breakout above 112.55 will push the price further to the upper side with an ultimate target at 113.700. Sell positions are only ideal if the anticipated pullback breakout below 110.97.
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