Wave Analysis:
During the previous trading day, the impulsive wave (5) extended to the lower side but is yet to hit our target take profit set at 108.484. During this intraday, we expect a possible extension of this wave to the lower side but should not go beyond 108.484, if this level is broken, then the price could fall further towards 100.00. The resitance levels 110.82 and 112.00 are the key levels to look for, if the price can pullback to these levels, then this will be the best place to short this pair. This pair should be traded alongside CADJPY, USDCHF, CHFJPY and NZDJPY. These pairs will have a similar price action during this intraday. Only buy or sell usdjpy if the other pairs are giving the same signal.
Trade Recommendations:
Remain short towards 108.484.
Origin: FreshForex
