Wave Analysis:
The correction of the impulsive wave (c) continues to extend to the upper side despite our expectations that it could plunge towards 102.68. During this intraday, we expect a possible extension of this correction but should not go beyond the daily resistance level 112.00 where we’ll be looking to resell the impulsive wave (c) at the least risk possible. If this resistance level is violated, then a bullish acceleration towards 114.81 will be inevitable. If you’re a bit skeptic about the anticipated short position, you could wait and short the US Dollar on a rebound from 112.00. This pair should be traded alongside CADJPY, NZDJPY, CHFJPY and AUDJPY. These pairs have a strong positive correlation and will move in the same direction during this intraday.
Trade Recommendations:
Wait for a rebound from 112.00 to short this pair towards 102.68.
