USD/JPY Forecast: eyeing a possible break below 110.86

jpy_1_newsWave Analysis:

Perfectly as per the previous day’s forecast, the US Dollar rallied on the lower ranges and is still pretty much bearish both on the daily and the weekly charts. During this intraday, we’re eyeing a possible break below 110.86 to pick a short position with a target at 107.00 or even lower. If you’re not long already, then wait for a break below 110.86 to confirm the anticipated bearish price rally. According to the chart set up and structure above, only a short position looks more ideal and can be recommended. This pair should be traded alongside CADJPY, EURJPY and AUDJPY. These pairs have a strong positive correlation of up t +56% and will move in the same direction today.

Trade Recommendations:

Sell the Us dollar below 110.86 towards 107.00

Still short

Origin: FreshForex

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