Wave Analysis:
During the previous trading day, the impulsive wave (5) stretched significantly the lower side and is still pretty much bearish both on the daily and the weekly charts. Today and in the next few days, we expect a possible extension of the impulsive wave (5) to the lowerside with an ultimate target at 100.00. If this target is broken, then we expect further momentum to the lowerside. This pair should be traded alongside CADJPY, CHFJPY, AUDJPY, HKDJPY and NZDJPY. These pairs have a very strong positive correlation of up to +63% and will move in the same direction today.
Trade Recommendations:
We’re short with an ultimate target at 100.00
Origin: FreshForex
