Wave Analysis
Perfectly as previously anticipated, the impulsive wave (5) extended lower but is yet to hit our target set at 108.59. During this intraday, we expect a possible extension of this bearish wave wave count and may break below our previously set target at 108.59. If thus support is broken, then this pair could fall further but should not go beyond 100.00. As at the moment, we’re only interested i short positions, however, if the intraday can get clearly below its oversold level of 20, then we will be into long position. Buy until then, we’re short. This pair should be traded alongside CADJPY, AUDJPY and CHFJPY. These pairs will have a similar price action during this intraday.
Trade Recommendations:
Short this pair towards 108.59.
Origin: FreshForex
