Wave Analysis:
During the previous trading day, the impulsive wave (5) extended significantly to the lower side and is still pretty much bearish both on the day and the weekly charts. Today and in the next few days, we expect a possible extension of the impulsive wave (5) to the lower side and may break below 100.445 towards 100.00. Following the break below 105.480, this pair remains very bearish and therefore only short positions can be recommended with an ultimate target at 100.00. This pair should be traded alongside CADJPY, NZDJPY, CHFJPY and HKDJPY. These pairs will move in the same direction today.
Trade Recommendations:
Remain short with an ultimate target at 100.00
Origin: FreshForex
