Wave Analysis:
The price is still contained above the weekly support zone 108.66-108.18. This is a key support level and as long as it is not breached to the lower side with a big red candle, we expect a possible bullish price movements towards 114.04 or even higher. The current chart set up and structure is pretty much bullish and only buy position can be recommended with an ultimate target at 114.78, if the price should go below 108.66, then we’ll wait for a break below 108.18 to confirm a possible bearish price rally towards 102.05. This pair should be traded alongside CADJPY, CHFJPY, NZDJPY and AUDJPY. These pairs have a strong positive correlation of up to +53% and will move in the same direction today.
Trade Recommendations:
Remain long with an ultimate target at 114.04
Origin: FreshForex
