USDJPY is currently trading with a neutral bias. We expect a possible extension of the impulsive wave (c) to the lower side but as it appears, this pair continues to correct itself upwards but should not go beyond 111.99. We went short on the first pullback to this level, our expectations is that the price should fall as long as 111.95 is not violated. Any clear violation of this level may invalidate the anticipated bearish price rally and could push the price to the upper side. At the moment, the current chart set is pretty much bearish, and buying or holding onto a buy position in this pair may not be fruitful at all. Expect a similar wave count in CHFJPY, CADJPY, and USDCHF. These pairs will have a similar price action during this intraday.
We’re still short with an ideal target at 100.4