Wave Analysis
In the previous intraday ,the impulsive wave (E) has been in a slight correction phase. This correction is expected to be short term and should not go beyond the upper side of the equidistant channel. The bears are expected to come back soon and push the price downwards towards our target at 107.14. As long as price remains within this equidistant channel this week, this impulsive wave(E) could extend downwards towards 107.14 hence we will be looking forward to sell this pair. If price closes above this channel this week, this downward move could be invalidated. Trade this pair alongside CADJPY, NZDJPY, AUDJPY, CHFJPY And HKDJPY since these pairs have a strong positive correlation.
Trade Recommendation.
Wait to sell at the upper trend line.
Origin: FreshForex
