Wave Analysis
Yesterday, usd/jpy fell from 102.77 to our objective long term support level 100.26. Although this pair is still pretty much bearish and may head further to the lower side, we will only sell below 100.05 with our target at 99.04. Any clear rebound from 100.26 may invalidate the anticipated downward rally and could culminate into a possible bullish price movements towards 101.92. The current chart set up and structure is very neurally and chances of moving in either sides are very much equal. Trade this pair alongside CAD/JPY, HKD/JPY, EUR/JPY and CHF/JPY. This pairs will have a similar price action during this intraday.
Trade Recommendations:
Remain flat and only sell below 100.05 with a target at 99.04. Buy positions are only recommended above 100.55 with an ideal target at 101.92.
Origin: FreshForex
