Wave Analysis:
Despite our anticipation that USDJPY could continue short. This pair continues to correct upwards and but is currently heading towards a key daily resistance level 111.92. As long as this level remains intact, we expect a possible rebound from this level to short this pair. The anticipated short position is the continuation of the impulsive wave (c) to the lower side but should not go beyond 100.00. This view can only be invalidated in case the level 111.92 is clearly violated to the upper side, if this should be the case, then we expect a rise with an ideal target at 114.98. Expect a similar price action in CHFJPY, AUDJPY, CHFJPY and HKDJPY. These pairs will have a similar price action during this intraday.
Trade Recommendations:
Sell this pair upon a clear rebound from 111.92 with an ideal target at 100.0
Origin: FreshForex
