Perfectly as previously forecasted, the impulsive wave (E) stretched lower as expected, but is yet to hit our target set along the lower supportive trend line. During this intraday, we expect a possible extension of the impulsive wave (E) to the lower side but should not go beyond 111.40 by the end of today. If the price can break below this target, then we may continue short with the impulsive wave (E) to the lower side with our target still fixed along the lower trend line. This pair should be traded alongside CADJPY, NZDJPY and CHFJPY. These pairs have a strong positive correlation and will move in the same direction today.
We’re still short with our target along the lower trendline.