USD/JPY Forecast: expect a possible rise towards 112.090

jpyWave Analysis:

Perfectly a previously forecasted, the US Dollar continued short upon a break below the lower trend line and is still pretty much bearish. During this trading day and in the next few days, we expect a possible rise towards 112.090, then a massive decline towards the 4 hour support line 110.928. With that in mind, if you are not short already, you could wait for a rebound from 112.090, then pick a short position. This pair should be traded alongside CADJPY, NZDJPY, CHJPY and HKDJPY. These pairs have a strong positive correlation and will move in the same direction during this intraday. Only buy or sell the US Dollar if the other positively correlated pairs are giving the same signal.

Trade Recommendation:

Remain short with your target at 110.928

Remain short with your target at 110.928

Origin: FreshForex

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