Wave Analysis:
Perfectly as previously forecasted, both the impulsive waves (v) and (c) extended lower and are still bearish both on the daily and the 4 hour charts. During this intraday, as long as the price remains below the level 109.750, we expect a possible bearish price rally towards our previous target at 100.010. The anticipated bearish price rally an extension of both the impulsive waves and but should not go beyond 100.010. Expect a similar wave count in CADJPY, NZDJPY, CHFJPY, AUDJPY and HKDJPY. These pairs have a strong positive correlation of up to +71% and will move in the same direction during this intraday. Only buy or sell USDJPY if the other positively correlated pairs are giving the same signal.
Trade Recommendations:
Expect a possible bearish price rally towards 100.010
Origin: FreshForex
